In an ASX announcement, MDS Financial Group said it has signed a non-binding term sheet to acquire 100 per cent of Sequoia Financial Group.
MDS will acquire 100 per cent of the equity in Sequoia from Sequioa’s existing owners, according to the statement.
Sequoia has three operating businesses, including Sequoia Superannuation, which provides SMSF administration services.
“Currently this service division provides administration services to more than 700 SMSFs and has experienced rapid growth,” the statement said.
The parties intend to execute a share sale and purchase agreement “as soon as reasonably practicable”, MDS stated.