Oct 17 (Reuters) - IOOF Holdings Ltd (IFL)
- IOOF to acquire P&I and ADG from ANZ
- Deal for cash consideration of A$975m, subject to a completion adjustment
- Entered deal with Australia and New Zealand Banking Group Limited to acquire ANZ's Onepath Pensions And Investments Business
- IOOF to acquire ANZ's Onepath Pensions And Investments Business and Aligned Dealer Groups
- Pre-Tax cost synergies expected to be approximately A$65m per annum from FY2021, with further potential for enhanced revenue
- Deal will be funded through about a A$450m fully underwritten institutional placement, a share purchase plan and new debt facilities
- Transaction is expected to complete in around 12 months
- Also entered into a 20 year strategic alliance agreement with ANZ to provide wealth management solutions to their customers
- IOOF estimates that it will incur separation costs of approximately A$130m over three years to integrate ANZ wealth management
News: IFL IOOF Holdings to buy ANZ's OnePath Pensions & Investments business and Aligned Dealer...
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| Open | High | Low | Value | Volume |
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