Sequoia Financial Group acquires Libertas Financial Planning

07/08/2019 10:50:00

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Sequoia Financial Group (ASX:SEQ) has announced the acquisition of Libertas Financial Planning.

This move reportedly makes Sequoia one of the largest non-bank owned financial adviser groups in the country.

Libertas is a successful financial advice dealer group with approximately 70 authorised representatives.

This acquisition is expected to add approximately $6 million of annual revenue, an incremental $600,000 of EBIT and to be immediately EPS accretive.

As a part of the cash consideration the Company will issue 1.5 million fully paid ordinary shares at 20 cents per share to the seller.

Shares in Sequoia Financial Group (ASX:SEQ) opened flat at 18 cents.