April 28 (Reuters) - Suncorp Group Ltd (SUN) :
- SALE OF THE AUSTRALIAN WEALTH BUSINESS-SUN.AX
- TOTAL CONSIDERATION IS ESTIMATED AT $45 MILLION
- ENTERED AGREEMENT FOR SALE OF ITS AUSTRALIAN WEALTH BUSINESS, SUNCORP PORTFOLIO SERVICES LIMITED (SPSL), TO LGIASUPER
- ESTIMATES THERE WILL BE ABOUT $14 MILLION (PRE-TAX) OF ANNUALISED STRANDED COSTS AS A RESULT OF SALE
- STRANDED COSTS ARE EXPECTED TO BE OFFSET BY TRANSITIONAL SERVICES FEES DURING FY22 AND FY23
- TRANSACTION IS EXPECTED TO BE COMPLETED IN FY22
- LGIASUPER TO OFFER ROLES TO ABOUT 130 EMPLOYEES CURRENTLY EMPLOYED BY SUNCORP, WHO WORK DIRECTLY/INDIRECTLY WITHIN WEALTH BUSINESS
- AFTER SEPARATION AND TRANSACTION COSTS, IMPACT OF DEAL ON GROUP PROFIT EXPECTED TO BE BROADLY NEUTRAL
Source: https://bit.ly/2S0xoLG
(([email protected];))
News: SUN Suncorp Announces Sale Of Australian Wealth Business
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