The group has announced it will purchase the advice business of a listed rival.
In a statement to the market on Wednesday, Centrepoint Alliance said it would purchase the advice business of Clearview Wealth for $15.2 million, including the Clearview and Matrix dealer groups.
The purchase will be financed by the issue of $12 million in escrowed Centrepoint shares and a cash consideration of $3.2 million, with ClearView to become a 25% shareholder in Centrepoint.
“This transaction represents the next phase of Centrepoint Alliance’s growth by providing immediate scale and will increase the business’s long-term value and profitability,’ said Centrepoint CEO John Shuttleworth.
The news was announced as part of Centrepoint's full-year results, which saw the advice group record a net profit after tax of $1.8 million.
More to come.
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