Equiniti Group PLC (LON:EQN) has sold its Selftrade/EQi consumer pensions and investment platform to online broker Interactive Investor (ii) for £48.5mln.
The sale and full migration of the 50,000-or-so clients on the investment platform is expected to complete this summer, the companies said, with around £5.3bn of client assets being moved.
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 is an investment platform with roughly £36bn in assets under administration, is gearing up for a London initial public offer, according to reports.