According to a statement to the ASX yesterday, Sequoia is currently undertaking due diligence on the deal and intends to enter formal arrangements to make the purchase by the end of July.
“InterPrac is an outstanding business that will complement Sequoia’s current operations and will deliver immediate scale to a number of our high-growth divisions,” said Sequoia managing director and chief executive Scott Beeton.
InterPrac executives Brent Jones and Garry Crole will stay on as senior managers of the combined entity.
A statement issued separately by Mr Crole indicated InterPrac expects “business as usual” at the licensee, which will continue to be headquartered in Melbourne and operate under its own brand.
“What attracted us to this proposal was InterPrac’s ability to remain independent of institutional influence, whilst continuing to operate within a framework that delivers value for our authorised representatives and their clients,” Mr Crole said.
“InterPrac’s financial planners will benefit from Sequoia’s strength and marketplace position, with access to their industry leading resources, services and offerings.”
InterPrac has 215 advisers, $3 billion in funds under advice and has close historical ties to the NTAA accounting body.