Old Mutual in talks to buy Quilter Cheviot for a reported $1 billion

(Reuters) – South African financial services group Old Mutual PLC is in advanced talks to acquire Quilter Cheviot, one of Britain's biggest independent wealth managers, for about 650 million pounds ($1 billion), Sky News reported.

Citing sources, the report on Thursday said that offer is about 50 million pounds more than London-listed Old Mutual offered for Quilter when it made its first approach in the summer. (http://bit.ly/1vPuR1v)

Sky News said there was no certainty a deal would be completed, noting that private equity firm Bridgepoint – owner of Quilter Cheviot – was still pursuing a stock-market listing for the British wealth manager.

Companies such as Investec PLC have also considered a takeover of Quilter, although it is unclear if any formal offers have been made, the Sky report said.

Rothschild is advising Old Mutual, while Bridgepoint is being advised by Evercore Partners Inc, an investment bank, the report said.

Bridgepoint recently sold Finnish healthcare company Terveystalo to EQT, a Swedish private equity firm.

Quilter Cheviot declined to comment on the report. Old Mutual declined to comment when contacted by Reuters.