Financial Index Wealth Accountants (FIWA) has signed a bid implementation agreement (BIA) to purchase all outstanding ordinary shares issued by Centric Wealth.
As per the terms of the deal, the shareholders of Centric Wealth will receive 8.9 cents cash per ordinary share.
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Spiro Paule, founder and CEO of FIWA, said: "The combination of the two businesses creates one of Australia’s largest, non-aligned financial advisory organizations. We are both focused on providing the best possible advice and solutions to our clients.
"We will be able to share respective areas of expertise and offer clients and employees a greater level of sophistication and opportunity."
Under the proposed transaction, FIWA will partner with KKR Asset Management, a credit business with US$20.4 billion in assets under management that is an affiliate of KKR & Co.
FIWA said that KKR has provided acquisition funding and will have an equity interest of approximately one-third in the merged group.
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By GlobalDataPaule added: "We believe the combined strength of Centric Wealth and FIWA underpinned by the global reach and capability of KKR will create a new force in Australian wealth management.
