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Praemium announces sale of international business to Morningstar
Praemium announces sale of international business to Morningstar
Praemium has entered into an agreement to sell 100 per cent of its operations in United Kingdom, Jersey, Hong Kong and Dubai to Morningstar.
Praemium is divesting of its international business for £35 million ($65.1 million), with Morningstar set to acquire its operations in the UK, Jersey, Hong Kong and Dubai.
According to a statement released on Tuesday, the transaction will allow Praemium to focus its financial and leadership resources on further accelerating its growth trajectory in the Australian platform market.
"We are delighted that Morningstar, a global firm of outstanding stature has chosen to acquire our international business," said Praemium CEO Anthony Wamsteker.
“While enjoying strong sales momentum and technology leadership, the international business has been operating at a scale disadvantage to its key competitors. Morningstar will bring its global footprint and investment scale to better serve the interests of international clients and better advance the career opportunities of our international employees.
“Importantly, this sale will allow Praemium to focus its financial and leadership resources on the enormous opportunity in the Australian platform market. It is a significant milestone in our journey to becoming one of Australia’s largest independent specialist platform providers," Mr Wamsteker noted.
Completion of the transaction remains subject to regulatory approval from the Financial Conduct Authority in the United Kingdom and the Jersey Financial Services Commission in Jersey, but is expected during Q2/Q3 of calendar year 2022.
Following completion, the Praemium Board intends to return surplus net proceeds to its shareholders.
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