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IOOF to buy MLC

Lachlan Maddock
— 1 minute read

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. 

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“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.

 

IOOF to buy MLC
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