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Australia's Sequoia Financial completes InterPrac purchase for A$12.8M

Australia-based Sequoia Financial Group Ltd. completed the acquisition of all issued shares in financial and professional services business, InterPrac Ltd., for A$12.8 million.

In an all scrip deal, the company issued 42,777,000 fully paid ordinary shares at an issue price of 30 Australian cents each to InterPrac vendors, it said in a Dec. 1 release.

The acquisition is expected to lift Sequoia Financial's profit levels to be reported June 2018, said its CEO Scott Beeton.

Garry Crole and Brent Jones were named as joint managing directors of InterPrac and related subsidiaries.