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 closed the sale, which, when expected to close in the second quarter of 2021, could bring in approximately $103.3 million. The group has agreed to sell its majority share of 52.19% held via its British subsidiary Sanlam UK Limited in the capital of Nucleus Financial Group.
The sale of the 39.9 million shares could bring in around 75 million pounds sterling ($103.3 million) to Sanlam. An investor has already spoken out and James Hay Holdings, a portfolio company of British private equity fund manager Epiris, has offered to buy back the shares.
“The merger of the businesses of James Hay and Nucleus is an invaluable opportunity to create one of the largest wealth management advisory platforms in the UK. We are delighted to support James Hay in this acquisition, a transaction that is not only transformative for the business, but will also bring significant benefits to advisors and clients in both structures. Following the acquisition, we believe that 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.
Note that Nucleus is a financial services and investment platform based in the United Kingdom and has a reputation for providing a digital user experience for investment advisors and