IOOF has moved to acquire financial services group SFG Australia.
The companies announced on the Australian Securities Exchange this morning that they had entered into a Scheme of Implementation Agreement under which IOOF would acquire all the shares in SFG Australia under a scheme of arrangement.
The board of SFG Australia is unanimously recommending to shareholders that they accept the terms of arrangement with IOOF.
IOOF has said it will retain the SFG Australia brand strategy, operating model and client proposition.
The transaction has been valued at $670 million.
Commenting on the acquisition, IOOF managing director Chris Kelaher said the addition of SFG Australia would increase IOOF's financial advice and distribution considerably.
"It will be business as usual for SFGA's clients," he said.
SFGA chief executive Tony Fenning said the company was fully committed to establishing a high quality, integrated and independent financial planning, wealth management and accounting services group.
