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Sequoia Financial aims to complete Interprac acquisition in December

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Sequoia Financial aims to complete Interprac acquisition in December

Sequoia Financial Group Ltd has set Dec. 1 as the indicative completion date for its acquisition of InterPrac Ltd., after completing due diligence investigations.

The company added in an Oct. 9 release that it has signed a binding share sale agreement with InterPrac, with CEO Scott Beeton saying the merger of the two companies "should see an uplift on current profit levels" in June 2018. Sequoia Financial had also in September acquired Morrison Securities Pty Ltd.

The financial services company announced the purchase of Interprac in June. It will buy, in an all scrip deal, 42,777,000 fully paid ordinary InterPrac shares at 30 Australian cents each, including 32,082,751 consideration shares to be subject to a voluntary escrow period of 12 months from deal completion, among other things.

Following completion, Sequoia Financial Nonexecutive Director Garry Crole, who owns a 24.45% stake in Interprac, will become an executive director.

The above remains subject to shareholder approvals, which will be sought at the company's annual general meeting Nov. 30.