Findex-Crowe Horwath merger gets green light
Findex will proceed with its acquisition of Crowe Horwath after shareholders voted in favour of the scheme implementation agreement yesterday.
The acquisition by privately-owned Findex – parent company of ifa Excellence Awards Dealer Group of the Year Financial Index Wealth Accountants – will see Crowe Horwath purchased for an approximate value of $200 million.
“Findex is paying 50 cents for each Crowe Horwath share, which places an enterprise value on Crowe Horwath of approximately $200 million, and covers all Crowe Horwath businesses in Australia and New Zealand,” a statement from Findex said.
“The acquisition price implies an equity value for Crowe Horwath of approximately $137 million,” the statement said. “The balance represents Crowe Horwath debt for which Findex is assuming responsibility.”
The statement added that the addition of Crowe Horwath will create an “important strategic pillar” in the business.
“In addition to its wealth management, lending and risk protection divisions, the group now adds further expertise and market presence in accounting plus significant audit and corporate advice capabilities,” Findex said.
Allianz Retire+ boosts distribution team
Allianz Retire+ has made two new appointments to its distribution team as it bro...
Netwealth FUA up 8.5% for September quarter
Netwealth has posted overall funds under administration of $25.3 billion, an inc...
Morrison dumps associations on code monitoring
The federal government will introduce a single disciplinary body for financial a...