Australian fund services provider OneVue has divested its Trustee Services business to financial technology company Sargon Capital for a total consideration of $45m.
As per the terms of the deal, OneVue will receive $37m upon closing of the transaction and contingent payment of$8m in 12 months.
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Trustee Services comprises Diversa Trustees and CCSL that were added to OneVue’s portfolio during its merger with superannuation trustee services provider Diversa in 2016.
OneVue will, however, retain Diversa Super as part of its Super Member Administration business.
OneVue said the deal completes its divestment programme that was focused on its Platform Services and Fund Services operations, including Managed Fund and Super Member Administrations.
In March this year, OneVue offloaded its self-managed superannuation fund (SMSF) administration business to SuperConcepts.
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By GlobalDataOneVue managing director Connie Mckeage said: “In this market it is advantageous to have capital available to redeploy in pursuing the types of unprecedented growth opportunities which are now available in our two core business areas. This final divestment marks a new phase for the OneVue business.”
Subject to customary closing conditions and approvals, the transaction is set to close early next year.
OneVue plans to use the cash proceedings from the deal to further reduce debt, for accretive acquisitions in its core business areas and to pay a fully franked special dividend.
