Under the terms of the acquisition, Curtis Banks shareholders will receive 350 pence in cash for each Curtis Banks share, a 32.1 per cent premium to the closing price before the offer period starts, representing a total equity value for Curtis Banks of approximately £242 million ($289 million) on a fully diluted basis.

The transaction will bring together the Nucleus Group and the Curtis Banks Group to create a leading retirement-focused advisor platform with approximately £80 billion of assets under administration, the firm said in a statement.

The Nucleus board believes that the acquisition represents an attractive opportunity for the Nucleus Group to advance its stated strategy of creating a leading UK advisor platform, enabling financial advisors to help make retirement more rewarding for their customers.

The Curtis Banks Group directors, who have been so advised by Fenchurch and Peel Hunt as to the financial terms of the Acquisition, consider the terms of the acquisition to be fair and reasonable.