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
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
