IOOF completes purchase of ANZ dealer groups

IOOF has completed its acquisition of Australian and New Zealand Banking Group’s (ANZ’s) aligned dealer groups (ADGs), while making further arrangements for the complete acquisition of the ANZ One Path Pensions and Investments (ANZ P&I) business.

The two companies said the final arrangements meant that full legal ownership of ANZ ADGs transfer to IOOF effective 1 October 2018.

They also gave effect to a substantial “economic” completion of the ANZ P&I business as of today via an initial payment by IOOF of $800 million to ANZ to subscribe for a debt note, while ANZ will pay a coupon rate of 14.4 per cent to IOOF, which is broadly equivalent to 82 per cent of the economic interests in the ANZ P&I business, from 2 October 2018 until the debt note is redeemed.

Related News:

Redemption of the note is expected upon the completion of the acquisition of the ANZ P&I business. The two companies said final completion of the acquisition is expected to take place after successful completion of a successor fund transfer, which expected to occur towards the end of March 2019.

IOOF also reiterated previous earnings guidance, assuming stable economic conditions, the accelerated completion date for the ADGs and the substantial “economic” completion of the ANZ P&I business.




Recommended for you

Comments

Add new comment