LSL Property Services has completed the acquisition of TenetLime in a deal worth up to £12.9m.

The confirmation follows the announcement made last August that LSL Group had exchanged contracts to acquire the TenetLime network.

TenetLime’s network provides services to 231 mortgage and protection advisers, operating within 133 appointed representative (AR) firms. Its advisers arranged approximately £3.9bn worth of mortgages in 2022.

As LSL Group previously announced, the cash consideration payable is expected to be worth up to £12.9m consisting of an initial payment of up to £5.6m, calculated by reference to the number of AR firms at completion and the turnover of these firms in 2022, and then a further payment of up to £4.5m, calculated by reference to the number of AR firms a year from now after completion.

It also involves an expected payment of £2.8m for assets which form part of TenetLime’s regulatory capital.

Following a short transition period, TenetLime members will be fully integrated into the operations of LSL Group’s PRIMIS Mortgage Network.

LSL Group financial services director, Jon Round, said: “I am delighted to welcome the TenetLime businesses and advisers into the PRIMIS Network. It has been a real pleasure for myself and my colleagues to meet so many of the Tenet advisers at our recent series of regional events and we look forward to supporting their 2024 plans.

“PRIMIS has seen significant organic and acquisitive growth over many years and I am pleased to be able to extend the PRIMIS proposition to yet another set of firms and advisers.”

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