The deal will add £2.5 billion of assets under advice to M&G as well as 180 Sandringham advising partners and more than 10,000 individual clients.
Sandringham will become part of M&G Wealth and work in tandem with the existing M&G Wealth advice, platform and investment businesses.
M&G Wealth was formed in September 2020 to expand M&G's interests in the advice and platform sector.
John Foley, chief executive of M&G plc, said: "This deal strengthens M&G Wealth's position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national independent financial adviser business.
"Sandringham will accelerate our ability to grow and build our advisory capability across the UK and to provide a wider range of investment solutions to more clients."
The deal is subject to regulatory approval.
• More details and reaction to come on this breaking story.
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