OneVue to merge with super services provider
OneVue has announced it will acquire superannuation and investment company Diversa as part of a merger that will see the two businesses create a comprehensive set of services.
According to a joint statement, OneVue will acquire all of Diversa's ordinary shares under a scheme of arrangement set to be implemented by late September 2016 and subject to certain conditions, including gaining approval from Diversa shareholders and the Federal Court.
The merger will see the creation of a comprehensive set of superannuation, trustee and fund administration products and services, the statement said. The combined entity will have an estimated market capitalisation of about $177 million.
"The combination of OneVue and Diversa has compelling strategic merit and is a highly complementary transaction which will provide benefits to shareholders, employees and customers, including significantly enhanced scale and talent," OneVue chair Gail Pemberton said.
Other benefits expected to flow from the merger include enhanced retail and wholesale distribution capabilities and efficiency gains and cost savings.
Diversa's chair, Ron Dewhurst, will be invited to join the OneVue board as a non-executive director while Diversa managing director Vincent Parrott will join OneVue's management team and report to its managing director, Connie Mckeage.
Mr Parrott said culture was an important factor in the decision to merge.
"The two organisations have a strong and successful working relationship forged over the last few years of working together across trustee and superannuation services," he said.
"Culture and leadership were important factors in recommending this business partnership."
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