Legal & General has announced that its offer to acquire Suffolk Life has received over 90% acceptance from the Suffolk Life board and shareholders.
The sale has also received the consent of the Financial Services Authority to the change of control of the company and other customary conditions. The consideration for the purchase of Suffolk Life, estimated at GBP62 million, will be paid from Legal & General’s existing resources.
Suffolk Life employees will join Legal & General on their existing terms and conditions. They will continue to work from their current offices in Ipswich, which Legal & General will retain as one of its strategic UK operations for self-invested personal pension (SIPP) business going forward.
Simon Pistell, managing director of individual wealth at Legal & General, said: By acquiring Suffolk Life we are joining forces with one of the strongest players in the SIPP sector.
The resulting combination of product expertise, enhanced service and distribution strength will provide an excellent opportunity for independent financial advisers to choose from a broader range of competitively priced products.