Diverger buys 35% equity in McGregor Wealth
Diverger has announced it has acquired a 35% equity interest in McGregor Wealth Management (MWM), a financial planning practice licensed through Diverger-wholly owned subsidiary GPS Wealth, following the execution of its agreements effective 1 July 2022.
In the announcement made today to the Australian Securities Exchange (ASX), the firm said the investment represented a part of a broader strategy to “invest in a number of practices and provide additional resources that assist in their next phase of growth.”
The purchase consideration consisted of an initial cash consideration of $0.7 million, followed by deferred consideration up to $0.56 million during the first 18 months, subject to agreed earnings targets.
Following this, the expected earnings before interest, tax and amortization (EBITA) contribution from MWM was based on a run rate EBITA of $0.7 million per annum for which Diverger’s share will be $0.25 million on an equity accounted basis.
So it's not just Asteron clients that TAL has been delivering lousy service to.
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