Azimut has entered into an agreement to acquire the entire capital of Pride Advice (Pride) via its Australian subsidiary, AZ Next Generation Advisory (AZ NGA).
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Under the agreement, the firms will swap 49% of Pride’s equity for AZ NGA shares and will progressively buy back the shares over the next ten years while the remaining 51% stake will be paid to the founding partners in cash over a period of two years.
The total value of the transaction considering both the cash and share swap will entail a purchase price of around 2.5mn (net of 0.6m as negative net financial position).
Pride will continue to be lead by CEO Brett Schatto, who will also be appointed as a board member in AZ NGA.
AZ NGA CEO Paul Barrett said: "Pride Advice is a leading professional financial planning firm as well as a very fast growing business. Brett is a pioneer in modern professional financial planning and we are thrilled to have Pride in our stable of firms."
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