IOOF to acquire remainder of Perennial
IOOF has announced it will acquire the remaining share of Perennial Investment Partners it does not currently own for an initial payment of $67.9 million plus a possible deferred payment based on Perennial’s financial results for the 2008-09 financial year.
IOOF currently owns 78.15 per cent of Perennial with the remaining 21.85 per cent being held by Perennial’s senior management.
In addition to the initial payment, Perennial executives with claims over the firm’s equity will receive $9.4 million from IOOF upfront with a deferred payment to be made at a later date.
Chief executive of IOOF, Ron Dewhurst, stressed Perennial will continue to have operational independence after the acquisition and that the existing relationships between Perennial and its investment boutiques would stay the same.
The acquisition requires shareholder approval and will be voted upon at the Annual General Meeting to be held on November 15 this year.
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