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WTL to acquire Millennium3 advice network

WT Financial Group Limited (ASX: WTL) (WTL, the Company, or the Group) is pleased to announce it has entered a Sale and Purchase Agreement (SPA) to acquire 100% of the issued capital of financial advice network Millennium3 Financial Services Pty Ltd (M3) from Insignia Financial Limited (ASX: IFL) (IFL). Settlement of the acquisition (Acquisition) is scheduled to occur by mid-December 2023 (Completion).


  • The M3 network includes more than 140 wealth and personal risk insurance advisers operating in more than 75 privately-owned practices across the country. It is one of Australia’s most established networks of financial advice professionals, with its origins tracing back over 30 years.
  • WTL will pay $2.01M to acquire M3 on a debt free, cash free basis, with the final purchase price adjusted at Completion to reflect any retained working capital. WTL intends to fund the Acquisition using cash at hand.
  • The Acquisition is highly synergistic and accretive to earnings. Based on its modelling, once fully integrated into its operations, WTL expects the Acquisition to contribute more than $50M of revenue; circa $4.5M of gross profit; and more than $500k of NPBT to the Group on an annualised basis.
  • On Completion the M3 network will add circa $5Bn in FuA and more than $150M of in-force risk insurance premium, bringing WTL FuA to circa $23Bn and in-force premium to circa $470M.
  • The Acquisition further cements WTL as amongst the very largest financial adviser networks in Australia.
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