IOOF completes Ord Minnett sale
IOOF has completed the sale of its 70% stake in Ord Minnett in what amounts to a management buy-out by Ord Minnett management.
IOOF announced to the Australian Securities Exchange (ASX) today that it had received the agreed total sale consideration of $115 million for its stake.
IOOF announced its intention to vacate its stake in late June when the company’s chief executive said it represented a timely opportunity to divest as IOOF recalibrated its business and focused on its core wealth management capabilities.
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