ACCC updated that it would not oppose the proposed acquisition of Connective Group Pty Ltd by Australian Finance Group Ltd (ASX:AFG).
AFG & Connective are mortgage aggregators acting as intermediary amongst mortgage brokers & lenders. ACCC took into account the potential impact that the acquisition would have on lenders, mortgage brokers as well as consumers.
ACCC’s chairperson, Rod Sims said that proposed acquisition shall create the largest mortgage aggregator in Australia. Presently, ACCC has finished a second cycle of enquiries and on the basis of massive public review of the purchase and discussion with broad range of interested parties, concluded that AFG-Connective Group together would face strong competition.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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