New name for Challenger as merger approved
Financial services groupChallenger Internationaland Kerry Packer’sCPH Investment Corphave officially combined in a $1.1 billion merger.
The directors of Challenger have announced that a copy of the order made by the Federal Court of Australia approving the order has been lodged with theAustralian Securities and Investments Commission.
From today the merged entity will be known as Challenger Financial Services Group (CFG).
Challenger International ceased trading at the close of business yesterday, while CFG units commenced trading today on a deferred settlement basis, to commence normal trading from 16 July.
The business are to be split into pure life and non-life divisions after the merger is finalised.
The life division will be a result of the two existing life businesses being joined together, while the non-life business will include the combined group’s funds management, financial planning, and margin lending operations as well as the Synergy master trust operations.
Challenger chairman Gil Hoskins, at a recent meeting of shareholders to vote on the merger, said that the combined group could become a significant diversified financial services group with a market capitalisation of a top 100 ASX listed entity.
He said the merger represents the marriage of a business and capital, and will produce a strong group well equipped to grow into the future with access to capital.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
