Court approves HUB24 acquisition of Class
The Supreme Court of New South Wales has made orders approving the scheme of arrangement under which HUB24 will acquire all shares in Class.
In an announcement to the Australian Securities Exchange (ASX), Class said it expected to lodge an office copy of the Court orders to the Australian Securities and Investments Commission (ASIC) on Monday, 7 February 2022, thereby making the scheme legally effective.
If this occurs, Class said it would apply for its shares to be suspended from trading on the ASX which would take effect from the close of trade on Monday.
HUB24 told Money Management that the organisation was delighted with the support received from Class and that its shareholders had overwhelmingly supported the transaction.
“Like HUB24, Class is recognised as a leader in their market segment with a strong track record of innovation, and we are excited about the opportunity to leverage our collective capability to deliver product and technology services and solutions for both existing and new customers,” HUB24 said.
“Our businesses are highly complementary with a strong focus on delivering innovative technology solutions and customer service excellence.
“Our combined technology and data expertise will accelerate HUB24’s platform of the future strategy and consolidate our position as the leading provider of integrated platforms, technology and data solutions for financial professionals and their clients and enhance our purpose of empowering better financial futures together.”
The two firms entered into a scheme implementation deed on 18 October and expected the acquisition to accelerate HUB24’s platform strategy and consolidate the group’s position as a provider of integrated platforms, technology and data solutions for financial advisers, accountants, private banks, licensees, stockbrokers and their clients.
AUTHOR
Liam Cormican
Recommended for you
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
