The Findex Group’s offer to purchase Crowe Horwath Australia has been accepted by Crowe Horwath shareholders. As such, Findex will be formally taking over the business as of January 6, 2015.
Crowe Horwath is one of the largest and most geographically diverse financial advisory groups in Australasia, and amongst the top ten global accounting networks. This integration with Crowe Horwath will add a fifth pillar to our operations and help consolidate Findex’s position as Australia’s leading provider of holistic advisory and accountancy services. The extract below, taken from IFA, best summarises our thoughts on the acquisition:
Findex will proceed with its acquisition of Crowe Horwath after shareholders voted in favour of the scheme implementation agreement yesterday.
The acquisition by privately-owned Findex – parent company of IFA Excellence Awards Dealer Group of the Year Financial Index Wealth Accountants – will see Crowe Horwath purchased for an approximate value of $200 million.
“Findex is paying 50 cents for each Crowe Horwath share, which places an enterprise value on Crowe Horwath of approximately $200 million, and covers all Crowe Horwath businesses in Australia and New Zealand,” a statement from Findex said.
“The acquisition price implies an equity value for Crowe Horwath of approximately $137 million,” the statement said. “The balance represents Crowe Horwath debt for which Findex is assuming responsibility.”
The statement added that the addition of Crowe Horwath will create an “important strategic pillar” in the business.
“In addition to its wealth management, lending and risk protection divisions, the group now adds further expertise and market presence in accounting plus significant audit and corporate advice capabilities,” Findex said.
Click here to see the published article.