Equity Story to acquire Baker Young | Australian Markets
Publicly-listed investor media company Equity Story has moved to increase into retail stockbroking by way of the acquisition of Adelaide-based Baker Young Limited.
Equity Story introduced its transfer to the Australian Securities Exchange (ASX) noting that it could see funds below management grow to $700 million whereas delivering an growth of its Wealth Management division to present entry to full-service retail and high internet price investment advice.
It valued the transaction at $4.2 million.
The ASX announcement mentioned Equity Story noticed robust synergies between its proprietary CTM trading system and Baker Young’s elementary analysis pushed strategy, “offering clients a unique blend of technical and fundamental insights”.
The transaction entails $4.2 million comprising an upfront cost of $3 million and an earn-out part of $1.2 million payable subject to the Baker Young business satisfying sure situations over a 10-month post-completion period.
The announcement mentioned the company intends to fund the acquisition by way of debt.
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