The South African financial services group Sanlam has just launched the process of selling its shares in the British company Nucleus. The nucleus investment platform, Sanlam has finally completed the sale which, when it is expected to close in the second quarter of 2021, could bring in approximately $103.3 million. The group has agreed to sell its 52.19% majority stake held through its UK subsidiary Sanlam UK Limited in the capital of Nucleus Financial Group.
The sale of the 39.9 million shares could bring in about $75 million ($103.3 million) to Sanlam. An investor has already spoken out and it is James Hay Holdings, a portfolio company of the British private equity fund manager Epiris who has offered to buy back the shares.
"The merger of James Hay and Nucleus is a key opportunity to create one of the uk's largest wealth management advisory platforms. We are delighted to support James Hay in this acquisition, a transaction that is not only transformative for the company, but will also bring significant benefits to advisors and clients of both structures. Following the acquisition, we believe the combined group will be well positioned to take advantage of new growth opportunities as the market continues to evolve," said Bill Priestley, Senior Investment Partner at Epiris.
Nucleus is a UK-domiciled financial services and investment platform with a reputation for providing a digital user experience to investment advisors and their clients.