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ANZ cuts sale price for IOOF deal

Australia & New Zealand Banking Group Ltd. reduced the price for the sale of its pensions and investments and aligned dealer groups businesses to IOOF Holdings Ltd.

The Australian banking group agreed to sell the businesses to IOOF for A$850 million, a reduction of A$125 million compared to the initial price of A$975 million, according to an Oct. 17 release.

The new sale price includes about A$25 million that ANZ has already received for the sale of its aligned dealer groups in October 2018. The sale of OnePath Pensions & Investments was delayed in January following a regulatory action by the Australian Prudential Regulation Authority.

ANZ said the new sale price reflects changing market conditions and includes lower overall warranty caps, as well as changes to the strategic alliance arrangements.

The transaction, which is subject to regulatory approval, is expected to be completed in the first quarter of calendar year 2020.