Adviser network Caerus Capital Group is to be sold to Old Mutual Wealth.

More than 300 advisers are authorised through Caerus and are responsible for more than £4 billion of assets under advice.

A conditional agreement for a takeover has been agreed, the firms told the Stock Exchange this morning. No fee has been released.

A statement read: “The Caerus Board has unanimously opted to accept the offer with regards to its own holdings and has recommended the offer to other shareholders.

“The acquisition will complement Old Mutual Wealth's existing controlled distribution footprint in the UK, which includes Intrinsic, and Old Mutual Wealth Private Client Advisers, the branded national adviser firm established in 2015.

“In August 2016, Old Mutual plc stated that Old Mutual Wealth expected to acquire further scalable advice businesses to grow its controlled distribution capability.”

The proposed acquisition is subject to a number of conditions, including shareholder agreement and regulatory approval. The transaction is expected to complete in Q2 2017.