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Diversa makes key super acquisitions
Publicly-listed Diversa Limited has announced it has entered into agreements to acquire the Trust Company (Superannuation) Ltd and 30 per cent of Tranzact Financial Ltd.
The company announced that it would be acquiring 100 per cent of the Trust Company (Superannuation) Ltd from Perpetual Limited for $2.65 million and a 30 per cent stake in Tranzact Financial Services for $2.85 million with an option to acquire the remaining 70 per cent.
Diversa chief executive, Stuart Korchinski said both acquisitions were consistent with the Group's growth plans and expected to be earnings accretive before synergies.
The acquisitions will be funded by a combination of debt and equity.
The Trust Company (Superannuation) Limited operates a third party superannuation trustee business which was acquired by Perpetual last year as part of the scheme of arrangement with the Trust Company Limited.
The business to be acquired provides third party trustee services to 15 superannuation funds with approximately $3.1 billion in assets and is expected to have 10 employees on completion of the transaction.
The company said it had entered into an agreement with Gro-Aust Holdings Limited to acquire 30 per cent of Tranzact Financial Services Pty Limited (TFS) with an option to acquire the remaining 70 per cent subject to certain terms.
It said Tranzact provided administration, promotion and investment management services to the
Smartsave ‘Members Choice' Superannuation Master Plan - a $208m fund with approximately 11,000 members.
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