Four months after the deal was announced, Praemium has confirmed that the sale of its international arm to Morningstar has received the necessary regulatory approvals.
The Financial Conduct Authority and Jersey Financial Services Commission have both greenlit the sale of Praemium International.
“Praemium is working through the remaining steps to complete the transaction with final settlement expected late in the current quarter or early in the next quarter,” the Australia-headquartered company said. The deal is set to be worth £35m.
The news comes a week after the firm announced net inflows for the first quarter of A$725m – up 82% from the same period in 2021.
The Australia-based business was itself the subject of a takeover offer last year, with local wealth manager Netwealth making a A$785m (£444m) bid to acquire all issued shares.
The offer was rejected as it did not “appropriate value” the platform. However, Praemium said it remained open to “an engagement at an appropriate valuation”.
This article first appeared on our sister publication International Adviser.
