Publicly-listed investment intelligence and advisory group, InvestSmart has moved to acquire specialist online term deposit business – The Term Deposit Shop (TDDS).
The Paul Clitheroe-led company announced to the Australian Securities Exchange (ASX) today that it had acquired an option to purchase the Term Deposit Shop Pty Ltd and related entities.
The ASX announcement explained the terms of the transaction as involving InvestSmart paying shareholders in TTDS $1.75 million in cash and $2 million in InvestSmart shares in the three-month period prior to the completion of the purchase.
It said the transaction involved InvestmentSmart paying a non-refundable deposit of $250,000.
InvestSmart told the ASX the Term Deposit Shop platform offered members of InvestSmart a simple and attractive way of switching hteir term deposit arrangements.