StatePlus sale completed after ‘contested’ process

In a statement, STC said it has finished selling 100 per cent of the shares in State Super Financial Services, trading as StatePlus, to the new owner.

STC chief executive John Livanas said: "I congratulate Michael Dwyer (FSS CEO) and his team for the successful acquisition of StatePlus and look forward to a long and mutually beneficial working relationship".

"It is a change of an era with StatePlus now having a new owner, and we have every confidence that First State Super will continue to strive to ensure that StatePlus provides the best financial planning and advice services to STC members."

Mr Livanas added that FSS won the acquisition of StatePlus after "an extensive and keenly contested dual-track process, where a potential IPO was pitched against trade bidders".

FSS announced last month that it plans to create one of the largest member-owned financial planning networks in Australia with its new acquisition.

First State Super Financial Services and StatePlus will be merged following a binding settlement. The transaction is anticipated to be completed in June 2016, First State Super said in a statement over the weekend.

At the time of the announcement, FSS' Mr Dwyer said: "We're investing to provide our members with an even stronger financial future. As a result of the acquisition, we plan to bring together First State Super Financial Services and StatePlus".

"Together, we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members."