Commonwealth Bank of Australia (CBA) has proposed to acquire all the shares of Count Financial via a scheme of arrangement.
Under the deal, CBA agreed to pay $1.40 per Count share, representing a total consideration of $373 million.
CBA group executive of wealth management Grahame Petersen said an acquisition of Count by the bank's wealth management business represented an opportunity to invest in a well-run business that provided quality financial advice.
"We believe an acquisition of Count is an excellent strategic and cultural fit. As an accounting-based dealer group, the acquisition is complementary to Colonial First State's advice businesses," Petersen said.
The acquisition was expected to increase CBA's number of advisers from about 1220 to more than 1850, ranking it second by total number of advisers nationally, he said.
The transaction is subject to a number of conditions, including Count shareholder and court approval.
It is expected to complete in December.
