Interactive Investor snaps up SIPP platform from Equiniti

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Equiniti Group PLC (LON:EQN) has sold its Selftrade/EQi consumer pensions platform to online broker Interactive Investor (ii) for £48.5mln.

The sale and full migration of clients on the SIPP platform is expected to complete this summer, the companies said.

As well as a £47.5mln cash payment at completion, a further £1mln will be paid based on the timing of migrating all customers to the ii platform, which is one of the UK’s largest fund supermarkets. 

Equiniti said the proceeds of the disposal will be used to reduce its net debt.

Privately owned ii, which has roughly £36bn in assets under administration, is gearing up for a London initial public offer, according to reports.

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