Treasury Group completes Northern Lights merger
Boutique funds management organisation, Treasury Group, has completed its merger with US-based Northern Lights Capital Group as previously announced.
In an announcement to the Australian Securities Exchange (ASX) Treasury Group revealed that all approvals required for the transaction to proceed and other conditions had been satisfied, allowing the merger to be completed yesterday.
The new merger trust is owned 61.22 per cent by Treasury Group and 38.78 per cent by Northern Lights, and it holds interests in the portfolio of boutiques which collectively have approximately $50 billion of funds under management as of 30 September.
Following the completion of the merger, Treasury Group said that "focus and attention has now turned to integration of management and operations and the achievement of initial cross-selling, investment and other short-term goals".
Treasury Group also revealed that US$47 million of debt was drawn down by a subsidiary of the merger trust to fund simultaneous completion transactions to acquire additional interests in Seizert Capital Partners and Aether Investment Partners.
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