Wilson HTM completes Next Financial acquisition
Wilson Investment Group has completed its acquisition of product and investment manager Next Financial.
The transaction was confirmed to the Australian Securities Exchange this week, with Wilson HTM saying it involved a $21 million initial consideration and then a deferred consideration involving a combination of cash and scrip.
In making its announcement, Wilson HTM said as at February 28, Next Financial had client account balances in excess of $1.5 billion, which would result in a significant increase in Wilson HTM's funds under administration and management.
The company said that as the acquisition of Next Financial would increase the share capital of Wilson HTM, Deutsche Bank had elected to exercise its right to acquire additional shares to maintain its 19.9 per cent shareholding.
It said based on the current performance of the business, the acquisition of Next Financial was expected to be cash flow positive and earnings per share accretive from the date of acquisition to June 30, 2009.
AUTHOR
Mike Taylor
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