Announced
Financials
Sources
Tags
Friendly
Acquisition
Financial Data and Systems
Majority
Pending
Australia
investment platform
Private
Domestic
Single Bidder
Investment Banking
financial services
finance technology
financial advice
Digital Services
Private Equity
Synopsis
HUB24, an investment and superannuation platform, agreed to acquire Xplore Wealth, an investment platform provider, Ord Minnett’s Portfolio Administration and Reporting Service, and a 40% stake in Easton Investment, a financial services provider. HUB24 will also divest its subsidiary Paragem to Easton as part of the transaction. HUB24 will pay $30m for Xplore, $7m for Ord's PARS, $14m for stake in Easton. “The successful completion of these transactions which include the acquisition of Xplore Wealth and Ord Minnett’s PARS, will result in a 47% increase in custodial FUA, around 400 new adviser relationships and the expansion of non-custody administration FUA to $14bn," Andrew Alcock, HUB24 CEO and Managing Director.
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