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New Deal


Announced

IOOF to acquire MLC Wealth from NAB for $1.1bn.

Financials

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Transaction Value£794m
Consideration TypeCash, Loan Notes
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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wealth management

Asset Managers and Custodians

Pending

Friendly

Private

Single Bidder

Australia

Majority

Acquisition

Domestic

Synopsis

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IOOF, an Australian financial services company, agreed to acquire MLC Wealth, the wealth management unit of National Australia Bank, one of the four largest financial institutions in Australia, for $1.1bn. "The combination of IOOF and MLC brings wide-ranging capabilities, technical expertise and a purpose driven mindset to enable the new-era group to significantly enhance choice, accessibility and client experience," Renato Mota, IOOF CEO.

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