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The wealth giant will buy MLC in a move that will reshape the face of Australia’s financial services industry.
IOOF has announced it will buy 100 per cent of MLC for $1.440 billion. The acquisition is expected to deliver in excess of 20 per cent earnings per share accretion, including $150 million of targeted pre-tax synergies.
“The opportunity to acquire a highly complementary business of the quality and size of MLC is compelling,” said IOOF CEO Renato Mota.
“MLC is a natural fit with IOOF and presents a unique opportunity to create value from synergies for the benefits of clients, members and shareholders. This is a once in a generation opportunity to create the leading wealth manager of the future.”
The new IOOF will be “Australia’s leading advice-led wealth manager”, with $510 billion in retail funds under management or administration – making it the “#1 retail wealth manager by FUMA” – , with 1884 advisers and $173 billion in superannuation funds under administration. It will manage the finances of 2.2 million Australians.
More to come.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
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