Manage Accounts moves to acquire Linear

Publicly-listed Managed Accounts Holdings Limited has moved to acquire Linear Financial holdings and has signed a Memorandum of Understanding with Shaw and Partners to explore a partnership to deliver managed accounts solutions.

The Linear transaction was announced by Managed Accounts Holdings to the Australian Securities Exchange (ASX) today with the company saying it had submitted a non-binding conditional proposal to acquire 100 per cent of the shares in Linear.

It said the transaction would be transformative for both companies and create a merged entity with significant operating scale and an extended suite of products and services for independent advisor market, stockbrokers, investment managers and the institutional market.

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The ASX announcement said the transaction had the unanimous support of the Linear Board and was being recommended to Linear shareholders.

Linear is a provider of platform and administration solutions with in excess of $9 billion in funds under management.

The ASX announcement said the merger was expected to be double digit earnings per share accretive to Managed Accounts shareholders, post synergies on a pro-forma basis.

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