Australia's Netwealth Group offers to buy Praemium for $590 mln

Praemium

01/11/2021 22:38

Nov 2 (Reuters) - Australian superannuation services firm
Netwealth Group  NWL.AX  said on Tuesday it had made a A$785
million ($590.40 million) approach to buy investment manager
Praemium Ltd  PPS.AX  to expand into the growing market for
wealth management services.
    Netwealth has offered A$1.50 in cash and stock for each
share of Praemium.
    
($1 = 1.3296 Australian dollars)


 (Reporting by Riya Sharma; Editing by Aditya Soni)
 ((Riya.Sharma@thomsonreuters.com;))