(Adds details from paragraph 2 onwards)
Dec 14 (Reuters) - National Australia Bank (NAB) said on Thursday it has agreed to combine its New Zealand wealth advice and asset management business with that of Jarden Wealth and Asset Management Holdings into a new entity.
NAB, Jarden Wealth and Pacific Equity Partners would be the shareholders of the new entity, to be called FirstCape.
Under the deal, NAB and Jarden Wealth would each receive a cash payment along with a retained shareholding of 45% and 20%, respectively.
Pacific Equity Partners would acquire a 35% stake in FirstCape and its investment would be used to fund the payments to NAB and Jarden Wealth.
News: NAB UPDATE 1-Australia's NAB, Jarden Wealth combine NZ wealth & asset management units
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Last
$38.91 |
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0.440(1.14%) |
Mkt cap ! $119.1B | |||
| Open | High | Low | Value | Volume |
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| NAB (ASX) Chart |