SMSF service provider OneVue is set to acquire a 50 per cent stake in Super Managers Australia, and has plans to extend the group’s wholesale offering further into superannuation administration.
OneVue will also acquire a 20 per cent stake in its parent company Super Managers Funds Administration, a retail superannuation administrator.
Chief executive of OneVue Connie Mckeage said the acquisition is part of OneVue’s objective of further scaling its middle to back office administration capability.
“The purchase will complement OneVue’s existing investment administration business,” said Ms Mckeage.
“As much as this transaction is intended to create opportunities for new clients, it’s also about strengthening services and increasing capabilities offered to existing clients,” she said.
OneVue has entered into a share subscription agreement and a shareholder agreement.
The deal is subject to meeting the conditions precedent which includes the other 50 per cent of shareholders giving personal and corporate guarantees in relation to $3.5 million in borrowings of Super Manager’s funds administration and Super Managers Australia obtaining approval from the lender for the change of control.
A further condition precedent is that the third party sell their 20 per cent shareholding in Super Managers Holding Company to OneVue.
OneVue said it expects the transactions to be completed in early 2015.
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