On Thursday (17 February), HUB24 confirmed the news which sees eligible Class shareholders receive one ordinary HUB24 share for every 11 ordinary Class shares held and a cash consideration of $0.125 per share.
HUB24 said the acquisition consolidates the group’s position as a leading provider of integrated platforms, technology and data solutions.
“We are delighted to have completed the acquisition of Class which brings together two highly complementary businesses focused on the delivery of solutions that support financial professionals to implement strategic, investment and tax advice,” HUB24 CEO and managing director Andrew Alcock, said.
“We will now work together to leverage the combined capability of both Class and HUB24 to progress additional strategies to further lead the market and deliver enhanced growth for HUB24 shareholders.
“We are looking forward to continuing to innovate and deliver products and solutions that add value and solve key challenges for financial professional and their clients.”
As part of the consideration of the scheme, HUB24 has also issued 11.4 million ordinary shares and paid $15.7 million in cash to holders of Class shares as at 9 February.
The acquisition’s completion comes after Class CEO and managing director Andrew Russell stepped down this week as the company becomes a business unit within HUB24.