ClearView Wealth has received 100 per cent approval from the shareholders of Matrix for its purchase of the financial planning group.
In an announcement to the Australian Stock Exchange ClearView stated the offer for Matrix Holdings had closed and that conditions of the offer had been met or waived paving the way for the completion of the acquisition.
As a result of the approval Matrix shareholders will receive will receive $4.407 in cash and 8.776 ClearView shares per Matrix share, with a total amount of $7.75 million in cash and approximately 15.4 million ClearView shares set to move into the hands of Matrix shareholders.
ClearView managing director Simon Swanson said his group was pleased that shareholders, including advisers, had accepted the offer and the two groups had a good cultural fit between Matrix and ClearView Financial Advice. The merged planning businesses will have 214 advisers but ClearView said it would retain the Matrix brand after the acquisition.
Matrix chair Pieter Franzen said the merger would provide access to ClearView's resources and infrastructure and its "focus on providing quality advice and products to the market together with outstanding service and a focus on building lasting partnerships was one of the key determinants in our directors and adviser-shareholders accepting the offer".