Challenger Financial Services Group has sold 39.3 million Class A securities from its Challenger Infrastructure Fund to a UK-based company.
Arkmile, an associate of investment advisory services business Consensus Business Group, will acquire the securities for $3.50 per unit for a total of $138 million.
As a result of the transaction, Challenger will continue to hold 91 million securities in the fund (37.7 per cent of securities on issue), but will no longer consolidate the fund.
Challenger expects the sale to provide a statutory profit before tax of $20 million, subject to the fund’s fair value movements, and approximately $23 million on a historic cost basis.
