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May 1, 2019

EFG wraps up deal for majority stake purchase in Shaw and Partners

Swiss private bank EFG International has concluded the acquisition of a 51% stake in Australian financial services firm Shaw and Partners after securing regulatory nod.

The cash-stock deal was first announced last month.

Shaw and Partners will eventually be consolidated into EFG.

The deal consideration includes cash payment and issuance of 2.1 million EFG shares.

The share issuance will be subject to a three-year lock-up period.

The Swiss bank has already paid 70% of the transaction cost on closing.

The rest of the money will be offered in two tranches- one on 30 June 2020 and another a year after that.

EFG expects the acquisition to have a “marginal impact” on its capital ratios.

Commenting on the takeover, EFG said: “The acquisition of the Australian financial services provider considerably enlarges EFG’s coverage in the Asia-Pacific region, providing immediate access to the Australian market, one of the most attractive and fastest growing wealth management markets worldwide, and strengthening the bank’s China offshore business.

“Building on the partnership with Shaw and Partners, which is a successful domestic player with a well-regarded and recognised brand in the region, offers significant growth opportunities for both parties.”

Shaw and Partners has six offices in Australia and adviser headcount of 150.

The business currently oversees around CHF11.5bn in assets.

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