Charter Hall takes 50% of Paradice IM
Charter Hall has picked up a 50% interest in Australian and global listed equities manager, Paradice Investment Management.
The transaction has been announced to the Australian Securities Exchange (ASX) with Charter Hall representing it as providing a strategic expansion of its $61.3 billion funds management platform.
It said the acquisition price for the 50% investment was $207 million which represented a Net Profit after Tax multiple of 10 times, equating to 2.3% of Paradice’s funds under management.
The announcement said that the transaction would be made up of 70% Charter Hall securities and a cash component of 30%.
Importantly, Charter Hall has the option to acquire the remaining 50% of Paradice at the start of the 2025 financial year.
Commenting on the transaction, Charter Hall managing director and group chief executive, David Harrison said it represented a rare opportunity to invest in a large scale, high quality listed equities fund manager with $18.2 billion in funds under management and a 20-year track record.
Paradice managing director, David Paradice described the two companies as a natural strategic fit.
Here comes another moral hazard. It just encourages the bureaucracy to bloat at the expense of productivity and prosperity.
Rules only apply to some, generally if your cheque book is large enough then you are ok to do whatever…
This is the sort of rubbish that comes out of the modern version of Treasury advice. The boys over in…
This just goes to show the contempt and distain by regulators for the advice sector. A never-ending pole on stuff…
Happy to pay a Levy for every Govt Service. We just stop paying Income tax, GST, Payroll tax, Super Tax,…