On April 12, 2016, Azimut Holding SpA announced that it will purchase Priority Advisory Group.
Azimut Holding SpA (“Azimut”) signed a binding sale and purchase agreement to acquire all of the capital of Priority Advisory Group (“PAG”) through AZ Next Generation Advisory Pty Ltd., Azimut’s Australian subsidiary (“AZ NGA”). AZ NGA is part of Italian independent asset manager Azimut Group, which has more than A$55.5 billion in assets under management. PAG, which provides financial advisory services, is responsible for A$389 million of funds under advice.
The transaction will be comprised of a share swap of 47% of PAG’s equity for AZ NGA shares and cash payments made over a two-year period for the remaining 53% stake. The share swap will include a progressive buyback of the shares over ten years.
The acquisition, which is valued at A$9 million, is one of several recent AZ NGA acquisitions in Australia. The transaction is expected to close in April upon satisfaction of conditions precedent and is not subject to the approval of local authorities.
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