EQT walks away from Iress (ASX:IRE) bid

Company News

by Lauren Evans

Private equity firm EQT has walked away from the deal with Iress (ASX:IRE) after failing to reach an agreement on revised $15.91 cash per share offer from July.

The moves followed a 10-day extension to complete its due diligence after a 30-day exclusivity period was granted on the 11 August.

The wealth platform provider reaffirmed shareholders that the deal will have no impact to their strategy and expects their guidance in constant currency to be between $164 million and $168 million for financial year 2021.

There will be one-off non-operating costs related to the transaction, which are expected to be in the order of $4 million to $5 million pre-tax.

Shares in Iress (ASX:IRE) are trading 11.2 per cent lower at $12.01.

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