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Azimut buys Sterling Planners

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Azimut buys Sterling Planners

Azimut HoldingSpA on April 29 agreed to buy the entire capital of Sydney-basedSterling Planners Pty. Ltd., through its Australian subsidiary

The deal is valued at about A$4.5 million. It involves ashare swap of 49% of Sterling Planners' equity for AZ Next Generation Advisoryshares and a progressive buyback of these shares over the next 10 years. The remaining51% stake will be paid to the founding partners in cash over a two-year period.The acquisition, which is not subject to local authority approval, is expectedto close in May.

Sterling Planners is a financial advisory businessresponsible for about A$182 million of client funds with a team of seven.

The deal is one of several recent AZ Next GenerationAdvisory acquisitions.