IOOF Holdings Provides ANZ Wealth Management Acquisition Update

  • Oct 02, 2018 AEST
  • Team Kalkine
IOOF Holdings Provides ANZ Wealth Management Acquisition Update

IOOF Holdings Limited (ASX: IFL) stock fell 2.73% on October 2nd, 2018 after the company completed the acquisition of the Australia and New Zealand Banking Group Limited’s (ANZ) Aligned Dealer Groups (ADGs) and the further arrangements required for the completion of the acquisition of the ANZ One Path Pensions and Investments (ANZ P&I) business.

However, the final completion of the acquisition of the ANZ P&I business, that is been acquired by IFL is projected to take place after successful completion of a successor fund transfer (which separates the ANZ P&I business products from OnePath Life). The whole transaction is expected to be towards the end of March 2019. Moreover, after the completion of acquisition of ANZ ADGs, full legal ownership will be transferred to IFL effective from 1 October 2018. However, the completion will be possible only after an initial payment by IFL of $800 million to ANZ to subscribe for a debt note. Further, ANZ will have to pay a coupon rate of 14.4% to IFL, that is approximately equivalent to 82% of the economic interests in the ANZ P&I business, from 2 October 2018 until the debt note is redeemed. This is anticipated to be after the completion of the acquisition of the ANZ P&I business. Additionally, IFL has reconfirmed that on the back of stable economic conditions, the accelerated completion date for the ADGs and the substantial ‘economic’ completion means that the company continues to target Earnings Per Share accretion as per the projection, done at the time of initial announcement of the transaction. 

Meanwhile IFL stock has fallen 11.73% in three months as on October 2nd, 2018. The group has a market capitalisation of $ 2.83 billion and a price to earnings ratio of 30.49x while it has a dividend yield of 6.7%.

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