BFG to take 100% of Selfwealth

Bell Financial Group (BFG) has moved to take 100% ownership of Selfwealth.

BFG announced to the Australian Securities Exchange today that it had entered into a Scheme Implementation Deed to acquire 100% of the Selfwealth’s shares outstanding for 25 cents for each Selfwealth share.

The announcement said the consideration represents an implied value for Selfwealt of approximately $57.7 million.

It said BFG shareholders would benefit through increased scale in the company’s online broking business together with revenue and cost synergies,

Commenting on the move, BFG chair, Brian Wilson said the company looked forward to working with Selfwealth to ensure a smooth integration of the two businesses with minimal client disruption.

“Our intention is to maintain the Selfwealth brand and to further develop the client value proposition which we expect will result in ongoing growth,” he said.

The Selfwealth board has unanimously recommended shareholders vote in favour of the scheme.