Azimut Holding SpA's Australian unit AZ Next Generation Advisory Pty. Ltd. signed a binding sale and purchase agreement to acquire the entire share capital of Sydney, Australia-based Henderson Maxwell for a total purchase price of about A$11.6 million.
The agreement includes a share swap of 49% of Henderson Maxwell's equity for shares in AZ Next Generation Advisory and a progressive buyback of the shares over the next 10 years. The remaining 51% stake in the financial planning and accounting services firm will be paid to its founding partners in cash over a two-year period.
Henderson Maxwell was established in 2004 and provides financial planning, aged care, superannuation and pensions, life insurance, estate planning, business advice and major life events. The firm is responsible for about A$170 million of client funds and comprises a team of 12 employees.
The acquisition, which is not subject to approval of the local authority, brings Azimut's total AUM in Australia to A$6.4 billion.
