Sequoia Financial Group acquires Libertas Financial Planning

Company News

by Rachael Jones

Sequoia Financial Group (ASX:SEQ) has announced the acquisition of Libertas Financial Planning.

This move reportedly makes Sequoia one of the largest non-bank owned financial adviser groups in the country.

Libertas is a successful financial advice dealer group with approximately 70 authorised representatives.

This acquisition is expected to add approximately $6 million of annual revenue, an incremental $600,000 of EBIT and to be immediately EPS accretive.

As a part of the cash consideration the Company will issue 1.5 million fully paid ordinary shares at 20 cents per share to the seller.

Shares in Sequoia Financial Group (ASX:SEQ) opened flat at 18 cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.