And more consolidation in the field – with a market cap above $500Mill, EQT is one of the acquirers
“A transformative acquisition with compelling strategic and economic rationale.”
Highlights
• EQT Holdings Limited to acquire Australian Executor Trustees Limited for total cash consideration of $135 million
• To be funded through a $125 million fully underwritten equity raising and new debt facility… comprising a $40.4 million institutional placement and $84.6 million from a 1 for 6 accelerated pro-rata non-renounceable entitlement offer; both at $24.00
• Strategically and financially compelling acquisition that delivers significant growth for EQT
• Complements EQT’s TWS private client business, adding scale, expertise and geographic spread
• Adds $5.4 billion in FUMAS, boosts overall revenue and EBITDA by more than a third, and expected to be earnings accretive
• Synergies expected from restructure of platform service business and additional investment revenues in relation to the Trustee Services business
• Balance sheet remains strong, retaining flexibility for the future
