SYDNEY, Oct 17 (Reuters) - Australia and New Zealand Banking Group Ltd said on Tuesday it is selling its pensions and investments business to IOOF Holdings in a A$975 million ($765 million) deal.
ANZ also said it would enter into a 20-year “strategic alliance” with IOOF to make IOOF’s superannuation and investment products available to ANZ customers.
The deal fell short of the total sale of ANZ’s wealth businesses, valued at around A$4 billion, expected by some in the market.
IOOF will acquire OnePath Pensions and Investments business and Aligned Dealer Groups from ANZ, and fund the transaction through a A$450 million placement, a share purchase plan and new debt facilities, IOOF said in a statement. (Reporting by Jane Wardell; Editing by James Dalgleish)