SYDNEY: Sequoia Financial Group Limited announce that Docs Centre Pty Ltd, a wholly owned subsidiary of SEQ, has signed a conditional Terms Sheet to acquire 100% of the shares in Panthercorp CST Pty Ltd from Easton Investments Limited.
This transaction will not only provide SEQ with additional scale in our corporate and legal document business, but it will allow us to offer other existing services within our broader Group services suite to another 750 accountants, predominantly based in WA.
The acquisition of Panthercorp is expected to add $3.5 million of revenue and $0.5 million of EBITDA and will be immediately EPS accretive.
“We will be funding the purchase from existing cash reserves and a share issue, using the Group’s existing capacity under the listing rules,” a news release said.
The final cash payment is payable 12 months after the completion date of 1 February 2021, and the total consideration is $1.7 million. It is anticipated that due diligence will be completed mid December 2020 with settlement to occur on 1 February 2021.
Panthercorp has been in operation since 2005 in Western Australia, where the business and most of its clients are based.
SX-listed Sequoia Financial Group Ltd (ASX: SEQ) is an integrated financial services company providing products and services to self-directed retail and wholesale clients and those of third-party professional service firms.
It provides: Investment and superannuation products; Wealth management and advisory services; Corporate advisory and capital markets expertise; Retail, wholesale and institutional trading platforms; Market data and financial news services.
Sequoia operates various AFS Licenses and Its subsidiary Morrison Securities Pty Ltd is an ASX Market Participant.
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