Posted inBusiness moves

Financial services group buys 35% stake in Aussie wealth firm

Deal involves an initial cash consideration of A$740,000.

The wholly-owned subsidiary of financial services group Diverger has acquired a 35% equity stake in McGregor Wealth Management (MWM).

The financial planning firm is licensed through Diverger-owned GPS wealth.
The investment in MWM forms part of Diverger’s strategy to invest in a number of advice businesses and provide resources in their next phase of growth.

The purchase consideration for MWM consists of an initial cash consideration of A$740,000 (£418,414, $506,855, €485,618), followed by deferred consideration of up to A$560,000 during the first 18 months, subject to agreed earnings targets.

Part of the Mark Allen Group.