South African group Alexander Forbes has bought a 60% share of consulting actuary Lane Clark & Peacock (LCP) for £27m.
The deal will allow Alexander Forbes, which
currently has a presence in the UK, to expand its consulting arms in South Africa and Mexico and employee benefits arm in the UK.
UK director Dick Wood said: "We have been looking to make an acquisition in the UK as we have complementary businesses.
"This gives us a chance
to branch out into a huge market."
LCP has 40 partners and over 250 staff, including more than 60 qualified actuaries. Under the terms of the deal, LCP will continue to trade under its current name.
Alexander Forbes has a further option to increase its stake to 80% in LCP after three years and the remaining balance will be available to reward and incentivise those at LCP.
Wood said Alexander Forbes would be looking to make further acquisitions in the next year, to allow the company to enter the European financial market.