WT Financial Group acquires Synchron
Publicly-listed financial services group, WT Financial Group, has confirmed its acquisition of significant dealer group, Synchron.
The transaction was rumoured to be occurring when WT went into a trading halt on Friday and was confirmed in an announcement to the Australian Securities Exchange today with WT saying it had entered into a Sale and Purchase Agreement to acquire 100% of the issued capital in Synchronised Business Services.
Synchron founders Don Trapnell and John Prossor will continue to work within the business, supporting the integration and adviser tention.
It described the acquisition as highly synergistic and accretive to earnings with settlement scheduled to occur this week.
It said that the company’s B2B operations would encompass Wealth Today, Sentry Group and Synchron, making it the largest independent and non-institutionally owned no product producing advice network in Australia.
Commenting on the transaction, WT chief executive, Keith Cullen said it would cement the firm as the largest independent adviser network in Australia.
The transaction will see the vendors receive a total consideration of $3,477,500 comprised of $2,459,879 cash and a further $1,017,621 in shares in WT with a deferred cash consideration of $1,043,250 payable 12 months after settlement.