Closed-end Fund Australasian Wealth Investments Limited
(ASX:AWK) will acquire online financial services business YourShare for $10.5 million.
The fund will pay an extra $2 million in cash following completion of acquisition accounts, subject to YourShare’s Net Tangible Assets exceeding an agreed minimum.
YourShare has revenues of $5.2 million, with $915 million in funds under administration through over 16 thousand clients.
Australasian Wealth now owns two of the largest online self-directed financial services portals in Australia, including YourShare and InvestSMART, with combined funds under management of $1.6 billion.
Australasian Wealth Investments reported a $7 million loss in fiscal 2014.
