Findex acquires Crowe Horwath
The Findex Group has formally acquired financial planning and accounting firm Crowe Horwath after eyeing the business for months.
The takeover became official today, with Crowe Horwath to be delisted on the Australian Securities Exchange (ASX) tomorrow.
It follows the firm's shareholders' vote to accept an offer of 50 cents per share late last year.
Commenting on the acquisition, Findex Group CEO Spiro Paule said "Today is a significant milestone in the development of the Findex Group. It marks the realisation of our vision of creating a financial services group with accounting as the cornerstone offering complemented by financial advice, risk, lending and other related services".
Findex has had Crowe Horwath, which comprises more than 2600 staff in 110 offices, on its radar for some time.
The acquisition process was stalled in October when significant shareholder Barry Lambert expressed reluctance to accept the offer at the price of 50 cents a share.
At the time, he said: ""Whilst Crowe Horwath has performed poorly, I am surprised that Directors are supporting a bid of just 50 cents at this time."
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
