Announced today in the company’s interim results, the figure is comprised from a £9.2m initial consideration, payable on completion, and £1.6m in contingent deferred consideration.
The sale of the company, which principally trades as IFG Pensions, Investment & Advisory Services, comes as part of the Dublin-listed group’s wider plans to streamline its advisory operations.
The sale is expected to reach completion later this year, and is currently subject to regulatory approval.
It comes after the sale of three independent advice businesses within the IFG Financial Services umbrella earlier this year to independent financial adviser firm Ascot Lloyd.
Chief executive of IFG’s Irish operations, Gary Owens, will join Willis to head up the combined pension and employee benefits business in Ireland.
This will follow his resignation from IFG’s board.
Paul McNamara, chief executive of IFG Group, said the transaction is consistent with the company’s strategy to focus on the continued growth and development of its James Hay Partnership.
“The sales proceeds will further strengthen our balance sheet and facilitate investment in these businesses,” he said. “IFG is now a more sharply focused Group, with well-positioned businesses and the resources to pursue increased growth in our core markets."
The group's half year results also revealed that its operating profit was down to £4.3m from £5.3m in 2013.
However, James Hay saw a 15% increase in SIPP sales to reach 2,998 from 2,600 in 2013.
The provider also administered 41,289 SIPPs over the period, compared to 38,392 last year.
Employing over 300 people throughout offices in Dublin, Limerick, Cork, Galway and Belfast, Willis Ireland is Ireland’s leading insurance broker, pensions, actuarial and risk management consultancy.