Italy’s independent asset manager Azimut has purchased Australian Financial Lifestyle Partners (FLP) through its local subsidiary AZ Next Generation Advisory (AZ NGA).
The agreement includes a share swap of 49% of FLP’s equity for AZ NGA shares and a progressive buyback of these shares over the next ten years.
The remaining 51% stake will be paid to the founding partners in cash over a period of two years, Azimut said.
The FLP purchase follows recent deals involving Eureka Whittaker Macnaught and Pride Advice as part of AZ NGA’s consolidation plans in the Australian wealth management services to retail.
The total value of the transaction was of some €3.2m, which includes cash and share swaps. The closing of the transaction is expected to take place in October 2015 upon satisfaction of authority requirements.
Pietro Giuliani (pictured), chairman and CEO of Azimut Holding, said: “The Australian franchise has been growing rapidly and consistently and we are proud to have reached the $1bn mark in less than a year.”