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Australian Finance Group to merge with Connective Group

Australian Finance Group Ltd. entered into a binding conditional implementation deed to merge with the mortgage aggregation business of Connective Group Pty Ltd.

Under the transaction, Connective Group will receive A$60 million in cash and 30,886,441 Australian Finance Group shares issued at A$1.9426 per share, valuing the acquisition at A$120 million. Australian Finance Group will primarily fund the cash component through a new corporate debt facility.

The combined group will have more than 6,575 brokers and combined mortgage settlements of A$76 billion in fiscal 2019.

Australian Finance Group said the transaction is expected to be EPS accretive in the first full financial year post integration.

Upon completion of the acquisition, Connective Group will hold a significant shareholding in Australian Finance Group. Glenn Lees, CEO of Connective Group, will also be offered the opportunity to join the board of Australian Finance Group.

The transaction, which is subject to shareholder and regulatory approvals, is expected to be completed in the second half of fiscal 2020.