Update: European Commission approves Utmost's takeover of Quilter International

Simplifies structure

The European Commission has approves the takeover of Quilter's international business by Utmost Group under its EU Merger Regulation.

In April, Quilter agreed to sell the arm for £483m following a strategic review, saying the sale would simplify its business and focus its attention on its higher growth UK wealth management operations. Shareholders have also approved the deal at the general meeting, and if regulatory approval is granted, completion is expected by Q4 this year. The total £483m is inclusive of a 5% interest charge on the base consideration of £460m from 1 January. Quilter International will become a part of Utmost International, an international life assurance business operated by Utmost Group. S...