Australia's Sequoia Financial gains on acquisitions to boost expansion

Sequoia Financial

29/03/2022 04:51

** Investment manager Sequoia Financial Group  SEQ.AX  rises
as much as 2.2% to A$0.705, its highest since March 4
    ** Says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02503890-2A1365364?access_token=83ff96335c2d45a094df02a206a39ff4
 acquired three inter-related businesses to expand its Sequoia
Direct unit 
    ** Says acquired Informed Investor Pty, Sharecafe Pty, and
Corporate Connect Research - all digital platforms providing
financial services
    ** Adds that acquisition will be earnings accretive in FY23
with transaction valuation based on a five times FY23 forecast
EBITDA
    ** SEQ rises most since March 18; about 141,000 shares
change hands, vs the 30-day average of 59,400 shares
    ** SEQ up 1.5% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))