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The start of the festive season saw a number of possible bidders competing for the same prize, as Nucleus Financial Group announced on 2 December that it had received approaches from four possible bidders. The Edinburgh based fintech company revealed it  was in preliminary discussions with New York based private equity house, Aquiline Capital Partners and UK wealthtech company, Allfunds (UK) Limited. Nucleus also confirmed it had received separate proposals from FTSE 250 financial services company, Integrafin Holdings plc, and UK private equity house, Epiris in conjunction with its associate James Hay Partnership Management Limited. The announcement saw Nucleus’s shares sky rocket, closing 40% higher on 2 December.

Sanlam UK, who own a 52% majority stake in Nucleus, has confirmed its supports  exploring the possible takeover offers.

Following the announcement, Aquiline dropped out the race, confirming it will not be making an offer for Nucleus.

Market Tracker will continue to monitor these transactions as they develop.