The regulator has approved the acquisition of Nucleus by James Hay in one of the biggest deals for several years.
The development paves the way to create a £47bn adviser platform monster and ends a long period of speculation.
A statement said the deal offers a blend of online technology and offline service that can compete with anyone in the advised platform market.
It adds the deal will create a financial planning and retirement-focused platform with the scale to enable greater investment in products.
A separate update on the London Stock Exchange confirms the offer is now unconditional and compulsory acquisition of the remaining Nucleus shares can proceed.
With the transaction subject only to formalities, the combined group can now work collaboratively to address the changing needs of advisers and their clients.
The Nucleus and James Hay platforms will continue to operate independently for the foreseeable future while integration plans are developed.
Further details of the combined group’s development plans, including the future leadership structure will be announced in the coming months.
James Hay CEO Richard Rowney will lead the combined group.
Commenting on achieving regulatory approval he said: “This deal creates one of the leading, independent, adviser platform groups in the UK with over £47bn of AUA.
“We see this as a coming together of the very best parts of both businesses, building on our retirement expertise and their digital capability to develop a service that truly meets the needs of advisers and their customers.”
David Ferguson, Nucleus founder, added: “Since 2006 we’ve always tried to do the right thing and put the customer centre stage. Actually meaning that has made us a little bit different from others in the sector but it also carried us to £19bn in AUA and led to this deal.
“We have full respect for the challenges ahead and are energised by the goal of working with our new colleagues to create the UK’s most respected and successful adviser platform.”
Nucleus first revealed it was in potential takeover talks in December last year. At the time, four companies were thought to be considering a deal, including Transact’s owner Integrafin.
The initial acquisition was announced in February for £145m and in May James Hay said it received acceptances for more than 70 million Nucleus shares.
This represented approximately 91.73% of the issued share capital of Nucleus.
Perhaps James Hay will now be able to complete an in specie SIPP transfer out in less than 7 months!! (and still waiting)