EFG International has completed the acquisition of Shaw and Partners in Australia. The deal provides a welcome boost to the private bank’s tally of assets under management.
Zurich-based EFG International has received regulatory approval for its takeover of Shaw and Partners in Australia, allowing it to complete the deal, it said in a statement on Tuesday.
EFG International on March 13, 2019 had announced 2019 it would buy 51 percent of the wealth manager, which has six offices and 150 financial advisers across Australia. The company manages about 11.5 billion Swiss francs ($11.3 billion) in assets.
Going Foward
Shaw and Partners has achieved strong growth in its business over the past couple of years, with an annualized growth rate of assets under management of almost a fifth since 2015.
EFG International will pay for the acquisition via a combination of cash and as many as 2.1 million newly issued EFG shares. It has already paid 70 percent of the total consideration at closing with the remaining balance to be paid in two tranches: the first on June 30, 2020 and the second a year later. Going forward, EFG plans to consolidate Shaw and Partners fully.
