International investment firm Quilter International, which is headquarted on the Isle of Man, is due to be sold for £483million.
It's being acquired by specialist life assurance group, Utmost Group Ltd, subject to regulatory and other approvals.
If given the go ahead, the move will see £22billion in assets under administration and 90,000 policies transferred to Utmost from Quilter with the deal hoped to be finalised by December 31 this year.
Quilter CEO, Paul Feeney, says: "We are delighted to announce the proposed sale of Quilter International to the Utmost Group which represents an excellent outcome for all stakeholders.
"I am confident that the agreement we have reached with the Utmost Group will ensure the continued success of the business, with a focus on delivering good customer outcomes, as well as providing wider range of career opportunities for Quilter International’s employees within an enlarged international business."
Meanwhile, CEO of Utmost Group, Paul Thompson, adds: "This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business. Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.
"I look forward to welcoming all the staff, customers and distribution partners to our Group. We are delighted to work with Quilter on this transaction and look forward to a productive partnership in the future."