Acquisition bid for AFS
A unnamed non-institutional buyer has made a bid to acquire 100 per cent of Australian Financial Services Group (AFS Group).
The acquisition has been confirmed by AFS Group’s Barry Stephen who described it as “significant”.
He said that while the AFS Group remained committed to a planned public listing in 2012, the board was obliged to notify shareholders of any substantial offers.
“The offer we have received is significant and I can confirm that it is from a non-institutional buyer,” Stephen said.
“Most importantly, the buyer has confirmed the intention to preserve the proven successful fabric and culture of AFS Group and will utilise the acquisition as a platform to launch an alternative dealer group service to that of institutions.”
AUTHOR
Mike Taylor
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
