Financial services group Quilter has received shareholder approval on the sale of its international operation to Utmost Group.
The acquisition was first announced on 1 April 2021 and will see Quilter receive roughly £483m ($664.9m, €566.9m) in cash assuming completion on 31 December 2021.
In a London Stock Exchange statement on 17 June 2020, Quilter said that the terms of the sale were “duly passed by shareholders, with 99.99% of votes submitted in favour of the resolution.”
Quilter added that a “further announcement will be made upon completion of the sale”.
Also, the European Commission has approved, under the EU Merger Regulation, the transaction.
The deal remains subject to the approval of the Isle of Man Financial Services Authority and prudential regulators in other jurisdictions
The plan is to fold Quilter International into Utmost International, to which it will add £22bn of assets under administration and 90,000 life policies.
