Australasian Wealth Investments Limited (AWK) has agreed to acquire online financial services portal InvestSMART from Fairfax Media for a cash consideration of A$7 million.
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Fairfax said that the completion of the transaction is dependent on a capital raising process by AWK. In the event the transaction does not complete, AWK has agreed to pay Fairfax a break fee of A$150,000.
Established in 1999, InvestSMART was acquired by Fairfax in 2007. It provides self-directed investors with a low-cost access to financial information and products.
According to Fairfax, the sale will maintain a commercial relationship between the parties including the promotion of Fairfax products and services to the InvestMSART client base.
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