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Crowe Horwath shareholders have approved The Findex Group’s acquisition of the firm, voting in favour of a scheme implementation agreement yesterday.
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Findex gets Crowe Horwath for $200m
16 December 2014
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The acquisition by privately-owned Findex 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.
Crowe Horwath said it will now seek orders from the Supreme Court of Victoria for the approval of the scheme at a hearing scheduled for Thursday 18 December.
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Of the shareholder votes cast, 98.25 per cent were in favour of the resolution.
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