Old Mutual closes in on £650m Quilter Cheviot takeover - reports

Old Mutual is in advanced talks about a £650m takeover of the UK's second largest independent wealth manager Quilter Cheviot, according to Sky News.

The report said a deal is closer to being signed after Old Mutual upped its offer by about £50m. Old Mutual previously tried to buy the wealth manager, which is owned by private equity firm Bridgepoint, earlier this summer. However, citing sources close to the situation, Sky News said while the deal is progressing, completion is not certain. Bridgepoint, the sources said, is also continuing to develop it plan list Quilter Cheviot on the stock exchange. The report said such a listing would see it move into the ranks of London’s 350 largest listed firms. Quilter Cheviot manages ab...