Retirement Angels is buying Annuity Direct from Partnership.
Annuity Direct says the deal, which is subject to regulatory approval, is a private agreement and the terms will not be publicly disclosed.
Annuity Direct chief executive Bob Bullivant adds that the timescale to completion remains unclear at present and depends on the FSA.
Retirement Angels director Alan Higham says: “After careful due diligence, we are pleased to have agreed terms to acquire Annuity Direct. It meets all of our stringent requirements and its management is fully supportive of the move. Following regulatory approval, we will share our plans for the future.”
Bullivant adds: “We are expecting to become a massive force in the retirement market.”
Partnership Group’s chief executive Steve Groves says: “We are very proud of Annuity Direct’s achievements in the last two years after our investment to transform the business into a high quality, whole-of-market, independent retirement adviser.
“We feel that Retirement Angels has the vision, expertise and credibility to build on this start and significantly increase the numbers of people who benefit from impartial advice at retirement by securing themselves a much better standard of living.”