Equity Trustees (EQT) has been granted ministerial approval required for its acquisition of ANZ Trustees.
The move will make the sale and purchase agreement between the two groups as unconditional.
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Equity Trustees said that the approval has been granted by the acting assistant treasurer Mathias Cormann.
As part of the acquisition, the relevant employees at ANZ Trustees have now signed new employment agreements with EQT.
In addition, the client contact program is well advanced and project teams have been set up to manage the transition and integration of the two businesses.
The transaction is expected to be completed on 4 July 2014.
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By GlobalDataEquity Trustees Limited (EQT) has agreed to acquire ANZ Trustees Limited from the Australia and New Zealand Banking Group for $150 million.
ANZ has also entered into a new five year strategic agreement with Equity Trustees involving a range of exclusive client referral and service arrangements.
