Trust Company in $32m NZ acquisition
Trust Company Limited has undertaken a strategic trans-Tasman expansion, announcing today that it has entered into a conditional agreement to acquire the New Zealand Guardian Trust Company Limited from Suncorp.
Trust has told the Australian Securities Exchange the acquisition represents a significant “step-change”, increasing total funds under supervision by 38 per cent to $163 billion with the combined group employing 440 people in 20 offices and three companies.
Trust said it expected to complete the acquisition on 28 February, next year, subject to regulator approvals and final confirmatory due diligence for a total consideration of $32 million.
Commenting on the acquisition, Trust Company chief executive John Atkin referred to a strong alignment between the two companies’ business models and noted that following the acquisition The Trust Company Group would be the only independent trustee with a presence in Australia, New Zealand and Singapore.
“This acquisition is clearly a significant step forward in growing our business and will make a material financial contribution to the Group,” he said. “It will deliver the increased scale, services and expertise required to help us become the pre-eminent independent trustee in the Asia-Pacific region.”
AUTHOR
Mike Taylor
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