Money Portal’s 14.2m purchase of Burns-Anderson completed last week after getting the green light from the FSA.
Having received regulatory and shareholder approval, Money Portal has confirmed the acquisition which was first revealed in Money Marketing last November.
Money Portal head of corporate affairs Richard Pearson says: “We have now completed the two conditions required for us to finalise the acquisition of Burns-Anderson plc, namely shareholder and regulator approval.
“The the addition of B-A to the group will have no immediate impact on either the Bates or Sage communities and this represents an excellent opportunity to consolidate our position as a leader in the sector.”
B-A says it will continue with its current levels of service but will now benefit from being part of a bigger group.
B-A chief executive Mike Hughes says: “We are about to go out and see members to explain that they will still get all the benefits of what Burns-Anderson has always done and will continue to do but now we get the additional benefits of being part of the larger group.”
Money Portal head of strategy and distribution Alan Easter says: “It is a testament to Money Portal’s financial strength and business model that even in these turbulent times an acquisition like this can be completed.”