A new deal in the world of M&A for wealth management could be reached soon, a report says.

Bridgepoint, the private equity house, is about to make a $370 million takeover deal for a division of Appleby, the organisation specialising in offshore legal, fiduciary and administration services, according to Sky News.

Appleby declined to comment to this publication when asked about the matter. A spokesperson for Bridgepoint said the firm had been confirmed exclusivity for a deal, but did not elaborate.

The news report said a transaction could be completed as soon as this week. The report quoted unnamed sources.

The Appleby unit in question specialises in creating holding companies and special purpose vehicles, and is understood to count some of the world’s largest multinationals and wealthiest individuals among its clients, the report said.

Appleby operates in a number of jurisdictions, such as Mauritius, Shanghai, Hong Kong, Isle of Man, Cayman Islands, Guernsey, British Virgin Islands and Bermuda.

Bridgepoint has bought and sold a number of firms in the wealth management space in the UK, such as the Quilter Cheviot tie-up (selling out of that business in 2014) – now part of Old Mutual - and selling the Tilney wealth management business to Deutsche Bank in 2006 (Tilney was subsequently sold and is now merged with Bestinvest, the UK IFA and investment house, to create Tilney Bestinvest).