Financial services group IFG has announced plans to buy UK pensions provider James Hay from Spanish bank Santander for £35m in cash.
James Hay is the largest UK provider of self-invested personal pensions and has more than £8 billion SIPP assets under administration.
To fund the deal, IFG plans to raise around €50m through a share placing and open offer of shares. An EGM to approve the measures is planned for January 4.
IFG described the deal as 'a significant next step' for the company.
