DKN’s Lonsdale acquisition proceeds
DKN Financial Services has confirmed its acquisition of Lonsdale as well as Zurich’s portfolio administration business.
In an announcement released on the Australian Stock Exchange this morning, DKN said it had executed a merger implementation deed with Lonsdale Financial Group for DKN to acquire Lonsdale. It said DKN had also agreed to acquire Wrap Account Limited — a portfolio administration service business.
It said the merger between DKN and Lonsdale and the purchase of Wrap would create a significant financial services business, with both transactions being subject to conditions, including DKN and Lonsdale shareholder approval.
The announcement said the key elements of the transaction were that DKN would acquire 100 per cent of the issued ordinary shares in Lonsdale, the majority of which is owned by Zurich Financial Services and the balance by Lonsdale advisers and employees.
AUTHOR
Mike Taylor
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