Australian listed investment company India Equities Fund (IEF) has acquired Olympus Funds Management, according to an Australian Securities Exchange media release.
IEF, which already owned 2 per cent of Olympus, has “now acquired or entered into an agreement to acquire” the remaining 98 per cent of the manager, the release said.
This has been achieved through the acquisition of Contango Capital Partners’ 64 per cent holding in Olympus, and the 34 per cent holding of Bardez Investments (subject to shareholder approval).
The total purchase price was $621,000, part of which will be satisfied by the issue of shares in Olympus, according to the release.
Olympus currently provides management services to IEF under a long-term management agreement that is not due to expire until 2017.
