ANZ (ASX:ANZ) reduces price on OnePath P&I sale to IOOF

Company News

by Rachael Jones

ANZ (ASX:ANZ) has reduced the price for the sale of its OnePath Pensions & Investments business and Aligned Dealer Groups to IOOF Holdings (ASX:IFL) from $975 million to $850 million.

The new price includes $25 million that ANZ has already received for the sale of its ADGs in October 2018.

The revised terms reflect changing market conditions and include lower overall warranty caps as well as some changes to the strategic alliance arrangements.

ANZ and IOOF have agreed to extend the relevant date in the agreement to 31 December 2019, with each party having certain rights to further extend this date up until 30 June 2020.

Shares in ANZ (ASX:ANZ) trading 0.14 per cent higher at $28.20.
 

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.