Centrepoint completes ClearView acquisition
Centrepoint Alliance has completed its acquisition of ClearView Financial Advice, with Clearview controlling 25% of the voting power in the company.
The proposed acquisition was announced on 25 August, 2021, and included Matrix Planning Solutions and LaVista Licensee Solutions.
The combined group would have more than 1,300 licensed and self-licensed advisers across Australia.
Following approval and authorisation by shareholders at the company’s annual general meeting, Centrepoint issued 48 million fully paid and 12-month escrowed ordinary shares to ClearView as the final component of consideration payable under the transaction.
The issue resulted in ClearView becoming a strategic and substantial investor in Centrepoint and would control 25% of the voting power in the company.
John Shuttleworth, Centrepoint chief executive, said “Since announcing the acquisition, we are well advanced integrating the businesses.
“Having finalised our operating model and organisational, structure, we have strengthen our senior leadership team with employees from both Clearview and Centrepoint Alliance,”
“From [2 November] all employees will be co-located in the Centrepoint Alliance offices and will commence operating as part of one integrated company.”
Centrepoint said it continued to assess partnerships and other acquisition opportunities.
AUTHOR
Chris Dastoor
Recommended for you
Insignia Financial has announced a board director will be stepping down next year after almost a decade amid a board refresh.
Zenith Investment Partners has appointed a Brisbane-based business development manager, who previously led Fitzpatrick Private Wealth Partners as a director and senior adviser.
Praemium has said it is open to investing in artificial intelligence “in a big way” as it believes it can transform the business and details how it is already being used by the firm.
Sequoia has shared its strategic initiatives for FY25, including organically increasing its licensee market share and restructuring its specialist investment arm.
