Australasia’s largest equity-based insurance broker network, the AUB Group (ASX:AUB)
, is set to sell its total shareholding in Altius Group Holdings Pty to The Riverside Company for $57 million.
Completion is expected before the end of April 2021.
In order to facilitate the sale process AUB Group acquired additional equity from a minority shareholder which increased the AUB shareholding in Altius from 56.9 per cent to 75.4 per cent.
The impact of this transaction on FY21 performance has been factored into previous FY21 earnings guidance.
Shares in the AUB Group (ASX:AUB)
are trading 0.9 per cent higher at $16.28.