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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:32Cos and risk hold back open APLsBy Aleks Vickovich and Killian Plastow
- 21 Aug 2017Advisers key to ‘living the dream’: FPABy Staff Reporter
- 21 Aug 2017US IFA history repeats itself in AustraliaBy Killian Plastow
- 21 Aug 2017Licensees need greater scrutiny, PJC hearsBy Larissa Waterson
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- view all