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Australia's Sequoia Financial buys financial advice dealer group

Australia's Sequoia Financial Group Ltd. acquired Libertas Financial Planning Pty. Ltd., a local financial advice dealer group with about 70 authorized representatives.

The deal is expected to be immediately EPS accretive for Sequoia and will add roughly A$6 million of annual revenue and incremental earnings before interest and taxes of A$600,000 for the company, according to an Aug. 7 filing.

Sequoia will finance the purchase using existing cash reserves. The company will issue 1.5 million shares at 20 Australian cents per share to the seller as part of the cash consideration.

Libertas Financial founder Mark Euvrard plans to take partial consideration in Sequoia shares and will remain as a consultant at Sequoia for a minimum of 12 months.