October 16, 2017 / 10:02 PM / a year ago

BRIEF-IOOF Holdings to buy ANZ’s OnePath Pensions & Investments business and Aligned Dealer Groups

Oct 17 (Reuters) - IOOF Holdings Ltd

* IOOF to acquire P&I and ADG from ANZ

* Deal for ‍cash consideration of A$975m, subject to a completion adjustment​

* Entered deal with Australia and New Zealand Banking Group Limited to acquire ANZ’s Onepath Pensions And Investments Business​

* ‍IOOF to acquire ANZ’s Onepath Pensions And Investments Business and Aligned Dealer Groups​

* Pre-Tax cost synergies expected to be approximately A$65m per annum from FY2021, with further potential for enhanced revenue​

* Deal will be funded through about a A$450m fully underwritten institutional placement, a share purchase plan and new debt facilities​

* ‍Transaction is expected to complete in around 12 months

* Also entered into a 20 year strategic alliance agreement with ANZ to provide wealth management solutions to their customers​

* ‍IOOF estimates that it will incur separation costs of approximately A$130m over three years to integrate ANZ wealth management​ Source text for Eikon: Further company coverage:

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