Easton Investments to acquire stake in SMSF service provider
Financial services firm Easton Investments has agreed to purchase an interest in a financial services business offering financial planning and investment advice, insurance services and SMSF administration.
Easton Investments has entered into an agreement to purchase a 25 per cent stake in Melbourne-based First Financial, a wealth and financial services business with funds under advice of $1.15 billion and which specialises in SMSFs.
The business currently administers more than 500 SMSFs.
“The transaction has immediate effect and involves a cash consideration of $2.376 million, which has been sourced from existing surplus cash reserves,” the ASX announcement said.
According to the announcement, the parties have agreed to execute a shareholders’ agreement which will incorporate, among other things, a put and call option to facilitate an orderly exit where the parties deem this to be in their respective best interests.