(Alliance News) - The UK Competition & Markets Authority on Wednesday said it started a phase 1 investigation into the acquisition of Curtis Banks Group PLC, a Bristol-based provider of self-invested personal pension, by Nucleus Clyde Acquisition Ltd.
Nucleus Clyde is a company by Nucleus Financial Platforms Ltd, which offers online platforms to simplify the management of savings and investments. In January it offered to buy Curtis Banks for GBP242 million. In February, almost 100% of scheme shareholders voted in favour of the resolution to approve the acquisition.
The CMA is investigating whether the acquisition would weaken competition in UK markets for goods or services.
The involved parties have until August 2 to comment on the investigation. The regulator also invited comments on the transaction "from any interested party". The deadline for the CMA's phase 1 decision is September 14.
Curtis Banks shares were 1.9% lower at 309.00 pence each at midday Wednesday.
By Tom Budszus, Alliance News reporter
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