MDS to acquire Sequoia
Publicly-listed MDS Financial Group has announced to the Australian Securities Exchange (ASX) that it has moved to acquire Self Managed Superannuation Fund-focused, Sequoia Financial Group Limited.
The company announced that it had signed a non-binding Term Sheet with Sequoia to acquire 100 per cent of the company.
Commenting on the transaction, MDS executive director, Richard Symon said he believed there were clear synergies between the two companies with MDS' status as an ASX participant and software provider offering some clear product enhancements and diversification that would improve margins in the merged company.
"Sequoia is a substantial and well-managed company with $20 million plus annual revenues," he said.
Symon said the attractive aspects of the acquisition were the very appeal ing growth opportunites open to both businesses and the cross-fertilisation that would result from bringing the two complementary businesses together.
The company's announcement to the ASX said the parties intended to execute the share sale and purchase agreement as soon as reasonably practicable.
According to the announcement, Sequoia has three operating businesses — Sequoia Asset Management, Sequoia Superannuation and Sequoia Specialist Investments.
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