(Adds details on deal, company comments, and share move)
Nov 3 (Reuters) - Australian investment manager Regal Partners (RPL) said on Friday it agreed to buy premier financial service provider PM Capital Ltd, which would take its total funds under management to A$10.8 billion ($6.94 billion) on a pro-forma basis.
Regal Partners would buy PM Capital, which managed in excess of A$2.7 billion as at September-end, for around A$150 million.
Shares of the investment manager were trading 1.1% higher at A$1.92 as at 2316 GMT.
The announcement comes just two days after Regal announced the acquisition of financing solutions provider Taurus SM Holdings, which adds around A$2.3 billion to its funds managed, which stood at A$5.76 billion as at September-end.
Regal Partners expects PM Capital's acquisition to add to its earnings per share in fiscal 2024 prior to any synergies.
"The addition of PM Capital to the Regal Partners group will provide a further extension to Regal's existing global equities and credit investment capabilities," the investment manager said in a statement.
($1 = 1.5552 Australian dollars)
News: RPL UPDATE 1-Regal Partners buys investment manager, funds managed jump to $6.9 bln
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$3.55 |
Change
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Mkt cap ! $1.200B | |||
| Open | High | Low | Value | Volume |
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| 1 | 9713 | $3.47 |
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