Equity Trustees purchase of ANZ Trustees approved
Equity Trustees has been granted ministerial approval for its purchase of ANZ Trustees which makes the sale and purchase agreement between the two groups as unconditional.
In an announcement to the Australian Stock Exchange Equity Trustees managing director Robin Burns stated the sale process was well advanced with relevant employees at ANZ Trustees having signed employment agreements with EQT.
Burns also stated that project teams had been formed to manage the integration of the two businesses with an expected completion date of 4 July.
Equity Trustees will pay $150 million for ANZ Trustee with the purchase to be funded by a fully-funded equity raising of $160 million to be conducted by Equity Trustees.
As part of the sale EQT and ANZ will have a mutual referral arrangement for five years, with the possibility of a renewal for a further five years. EQT will provide trust and philanthropic administration and execution and estate administration to ANZ Private Bank clients.
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