Sequoia Financial Group Limited (ASX: SEQ) (Sequoia) has entered into a binding agreement to divest 80% of its equity interestin Morrison Securities Pty Ltd (Morrison)to New Quantum Holdings Pty Ltd (NQ), a company that provides digital wealth management platform services.
Under the agreement, SEQ is set to receive a total cash consideration of $40.5m for the transaction, for an 80% equity interest in Morrison which on completion date will have a debt free balance sheet with net working capital of $10.5m. Completion of the transaction is subject to customary conditions including the parties executing formal share sale and shareholder agreements incorporating terms contained in the binding term sheet.
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