Irish financial services group IFG has acquired British pensions group IPS for £15.4 million.
IPS is a holding company based in Bristol, whose wholly owned trading subsidiary IPS Actuarial Services Ltd provides actuarial services, employee benefit consultancy and pension scheme administration.
An initial £11.43 million will be paid in £10.8 million loan notes and £0.63 million in cash in April 2004.
A further payment of up to £4 million is payable if profits for the two years ending September 30 2003 achieve certain agreed thresholds.