COG Financial Services unit inks deal to buy A$350M mortgage fund

COG Financial Services Ltd.'s 75%-owned subsidiary, Westlawn Finance Ltd., agreed to buy Melbourne-based contributory mortgage scheme operator Equity-One Mortgage Fund Ltd.

The targeted company has A$350 million of funds under management, according to a Feb. 21 news release.

The transaction will be carried out in four tranches, with the 70% stake of Equity-One to be acquired March 1 for A$24 million. The remaining 30% will be purchased equally in the subsequent tranches, with the last acquisition scheduled for Oct. 1, 2027.