On June 10, 2016, Azimut Holding SpA announced that it will acquire the entire capital of JFS Personal Investment Solutions Pty. Ltd. through Azimut’s Australian subsidiary, AZ Next Generation Advisory Pty. Ltd.
The acquisition of JFS Personal Investment Solutions Pty. Ltd. (“JFS”) will add approximately $117.9 million to the managed assets of Azimut Holding SpA (“Azimut”). The total value of the transaction is roughly $2.6 million, 51% of which is to be paid in cash over the next two years, and the remaining 49% to be paid under a share swap and buyback agreement between JFS and Azimut’s Australian subsidiary, AZ Next Generation Advisory Pty. Ltd. (“AZ NGA”). Local regulatory approval is not required, and the deal is scheduled to close in July of 2016 upon satisfaction of some conditions precedent.
Azimut is an investment management firm based in Italy with offices in 15 countries. As of June 10, 2016, Azimut had approximately $44.7 billion in assets under management across its hedge funds, mutual funds, and other investment vehicles.
JFS is a financial advisor based in Australia offering a range of advisory services and private wealth management. JFS was founded in 1998 by James Smith and currently operates out of Sydney CBD.
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