Selfwealth shareholders back Syfe takeover
Shareholders in digital investment platform, Selfwealth have voted overwhelmingly to accept its acquisition by Syfe in a transaction valued at $65 million.
Selfwealth announced to the Australian Securities Exchange (ASX) that 99.70% of votes cast shareholders had been in favour of the proposed acquisition.
Syfe later issued a statement saying that subject to all remaining conditions being met or waived, including necessary court approvals, the acquisition was expected to be completed by 7 May.
It said this will result in Selfwealth being delisted from the ASX to begin privately trading as Selfwealth by Syfe, with operations continuing to be headquartered in Melbourne. Group Chief Operating Officer and Head of International Operations, Samantha Horton, will lead the integration on behalf of Syfe.
Commenting on the transaction, Syfe Founder and CEO, Dhruv Arora, said the acquisition aligns with Syfe’s business objectives to grow its presence and investor base in Australia.
“Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe. The acquisition will provide a seamless transition for customers, unlocking access to Syfe’s broader suite of investment products and technology-driven solutions over time, while retaining everything that Selfwealth customers presently enjoy,” Arora said.
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Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
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