On January 29, 2016 Azimut Holding SpA signed a binding agreement to acquire Empowered Financial Partners through its Australian subsidiary AZ Next Generation Advisory Pty Ltd.
Azimut Holding SpA (“Azimut”) signed a sale and purchase agreement to acquire Empowered Financial Partners (“EFP”) that includes a share swap of 40% of the equity of EFP for shares of AZ Next Generation Advisory Pty Ltd (“AZ NGA”) and a progressive buyback of the shares in the ten years following the transaction. Azimut will purchase the remaining 51% stake with cash payments made to the founding partners over a two-year period. The total purchase price of the transaction is around A$2.8 million (US$2.0 million).
Established in 1989, Italian-based Azimut operates in 14 countries and manages more than €36.7 billion in assets under management. EFP, led by principals Jason Andrew, Bernie Cooney and Richard Owen, provides values-based financial planning for A$134 million of funds.
The transaction, which marks AZ NGA’s eighth acquisition of an Australian financial practice, is expected to close in February 2016 upon satisfaction of conditions precedent required by the sale and purchase agreement. The transaction is not subject to local regulatory approval.
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