Employee benefits and financial planning firm Jelf Group has reached a takeover agreement with insurance broker Marsh.
Jelf announced last month it was in talks with Marsh over the potential acquisition.
In an announcement on the London Stock Exchange, Jelf says Marsh has offered 215 pence per share, valuing the business at £258m.
In a joint statement, the companies say: “Jelf and the Marsh group have a strong cultural fit and share the same values that put the client at the centre of both businesses.
“The companies believe that the combination of the two firms will offer individuals and companies of all sizes market-leading customer service, advice and products.”
Jelf’s directors have unanimously approved the acquisition and intend to recommend that shareholders vote in favour of the deal.