Slaughter and May is advising Nucleus Clyde Acquisition Limited, a wholly-owned subsidiary of Nucleus Financial Platforms Limited (Nucleus), and HPS Investment Partners as a major shareholder of the Nucleus group, on the recommended cash acquisition of Curtis Banks Group PLC (Curtis Banks) which was announced on 6 January 2023. Under the terms of the acquisition, Curtis Banks shareholders will be entitled to receive 350 pence in cash for each Curtis Banks share. The acquisition values the entire issued and to be issued share capital of Curtis Banks at approximately £242 million on a fully diluted basis. The acquisition is conditional on, amongst other things, approval by Curtis Banks shareholders and receipt of relevant regulatory clearances; it is expected to complete in the second quarter of 2023.
Nucleus Financial Platforms is one of the UK’s leading independent platform groups, comprising the investment platforms ‘James Hay Online’ and ‘Nucleus Wrap’, which together administer approximately £43 billion of assets for over 4,000 financial advisers and their 160,000 underlying UK customers.
Headquartered in the UK, Curtis Banks specialises in the provision of self-invested personal pensions and small self-administered schemes. It administers approximately £37 billion of assets on behalf of approximately 79,000 underlying customers.
Ed Loftus / Trainee