WAM Capital buys unlisted investment firm
WAM Capital Limited, which is managed by Wilson Asset Management (WAM), has acquired all the issued capital of an unlisted investment company with net assets of approximately $25.5 million.
The firm said the transaction would benefit existing WAM Capital shareholders and would help increase the size of the investment portfolio in a cost-effective manner.
Also, the company’s board said it was looking forward to engaging in similar transactions in the future.
Under the terms of the deal, consideration for the acquisition would be 13,246,376 new WAM Capital shares, with the number of WAM Capital shares calculated by reference to the relative net tangible asset backing of each company.
AUTHOR
Oksana Patron
Recommended for you
Index provider MSCI has unveiled two measures to make it easier for financial advisers and wealth managers to access transparent insights into private assets.
Vanguard has announced a strategic alliance with two US alternative asset managers to develop multi-asset solutions for financial advisers which combine public and private markets.
Clime Investment Management has enacted a range of growth initiatives to boost the firm’s reach with wholesale investors and a new approach targeting the retail market.
Generation Development Group, parent of Generation Life, has entered the ASX 200, having grown its funds under management to almost $4 billion.
