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Easton acquires BT-aligned practice

An ASX-listed company, Easton Investments, has agreed to purchase an equity interest in Melbourne-based First Financial.

In an announcement to the ASX, Easton Investments, parent company of accounting firm Hayes Knight, said the firm plans to acquire 25 per cent of First Financial, an authorised rep of BT’s Magnitude dealer group.

“The transaction has immediate effect and involves a cash consideration of $2.376 million, which
has been sourced from existing surplus cash reserves,” the announcement said.

First Financial is a Melbourne-based, wealth management and financial services business, offering planning, investment advice, broking, risk services and SMSF administration.

The firm has approximately $1.15 billion in funds under advice and administers more than 500 funds.

The deal is consistent with Easton’s position with respect to minority interests. The parties have agreed to execute a shareholders’ agreement which will incorporate, among other things, a put and call option to facilitate an orderly exit where the parties deem this to be in their respective best interests, the announcement said.