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.