Hartleys and Euroz initiate merger transaction
Big West Australian stockbroking and wealth management firm Hartleys appears set to be merged with publicly-listed Euroz.
The firms announced to the Australian Securities Exchange (ASX) that they had entered into a non-binding term sheet for a proposed transaction to combine the two firms.
Under the proposed transaction, Euroz will issue 33 million shares at a deemed issue price of $0.915 per share as consideration for 100% of Hartleys, with Hartley shareholders owning up to 17% of the combined group.
Commenting on the proposed transaction, Euroz executive chair, Andrew McKenzie said combining the two firms would create a dominant West Australian-based financial services company with strong synergies.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
