Bell Financial Group (BFG) has announced it has finalised its bid to acquire 100 per cent of Southern Cross Equities (SCE).
The transaction was approved by shareholders at the BFG general meeting in Sydney on September 18, 2008. BFG shares have now been issued and the first cash instalment paid, with the remaining amount payable — half in cash and half in BFG shares — in instalments over the next three years.
BFG executive chairman Colin Bell said the deal would make the group one of the largest broking businesses in Australia.
“The acquisition provides BFG with immediate access to a significantly expanded product range and research base and vice versa,” he said.
“This is a tremendous opportunity for both companies to leverage off each other’s expertise to provide exceptional service to clients.”
SCE will continue to be managed as a separate entity.
SCE co-founder and executive chairman Brent Potts has been appointed to the BFG board as director, in accordance with the terms of the transaction.
