Equity Trustees buys ANZ Trustees for $150M

Company News

Equity Trustees Limited (ASX:EQT) will buy ANZ Trustees Limited from the bank for $150 million.
Chairman Tony Killen says the acquisition cements the company as Australia’s largest independent ASX listed company with a dedicated trustee service. 
Equity Trustees believes the combined businesses will have higher margins, significant cost synergies and revenue growth opportunities.  
Both Equity Trustees and ANZ Banking Group (ASX:ANZ) have also entered into an exclusive long term referral relationship . 
Equity Trustees reported a net profit of $5.4 million in the first half of the 2014 financial year.