OneVue to acquire Diversa

15-Jun-2016

By Daniel Paperny

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OneVue Holdings has moved to acquire Diversa to offer more comprehensive superannuation, trustee and fund administration services to its clients.

The news comes on the back of an announcement last week that OneVue was partnering with Sentry Group to launch a new series of separately managed accounts.

The $177 million merger with Diversa sees the companies enter a scheme implementation deed where OneVue will acquire all of Diversa’s shares under a scheme of arrangement.

The new entity would have a combined total of funds under trusteeship, management and administration of about $10.8 billion and in excess of 75 clients, OneVue said.

It will also have over $400 billion in funds under administration (FUA) within OneVue’s funds services and $3.2 billion of retail FUA on its platform.

OneVue chair Gail Pemberton said the proposed scheme would bring together two businesses with a shared vision of capitalising on the growth in the super services market.

“The combination of OneVue and Diversa has compelling strategic merit and is a highly complementary transaction which will provide benefits to shareholders, employees and customers, including significantly enhanced scale and talent,” Pemberton said.

OneVue managing director Connie Mckeage said the partnership would also deliver additional scale to OneVue’s fast-growing super administration business.

“OneVue is Australia’s largest provider of outsourced unit registry services and Diversa is Australia’s leading independent retail superannuation trustee,” Mckeage said.

“Combining the two organisations creates a significant financial services footprint.”

Diversa chair Ron Dewhurst lauded the acquisition, saying the new scheme would result in an “attractive premium” for Diversa shareholders.

“The Diversa board recognise the strong strategic rationale for combining the two companies [and] the opportunity to further participate in an accelerated growth strategy in the superannuation sector,” Dewhurst said.

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