On March 3, 2016, Azimut Holding SpA, through its Australian subsidiary AZ Next Generation Advisory Pty. Ltd., announced it had signed a sale-and-purchase agreement to acquire Wealthwise’s financial planning business.
The transaction includes a share swap of 49% of Wealthwise’s equity for AZ Next Generation Advisory Pty. Ltd. (“AZ NGA”) shares with a progressive buyback over the next 10 years. The founding partners will receive the remaining 51% interest in cash over 2 years. The purchase price is valued at about A$ 9.5mn and is expected to close in March 2016 pending satisfaction of conditions precedent. The founders of Wealthwise, Jamie and Sheila Luxton, have signed long term contracts to ensure business continuity. The acquisition is not subject to local authority approval.
Wealthwise is a financial planning business, operating in Perth, Western Australia with $377 million of funds under advisement.
Azimut is an independent asset manager based in Italy with registered offices all over the world. AZ NGA is Azimut’s Australian subsidiary.
Posted at [ ] in Transactions, Investment Manager M&A
To read the press release: please click here.