WT Financial Group Acquires 70% Stake in TNT Advisor Solutions for Over AU$2 Million, Shares Up 3%
MT Newswires Live
Yesterday
WT Financial Group (ASX:WTL) executed a binding agreement to acquire a 70% interest in TNT Advisor Solutions, an Australian onshore paraplanning services firm, for AU$2.4 million, valuing TNT at AU$3.5 million based on 4.5 times normalized earnings before interest, taxes, depreciation and amortization (EBITDA), according to a Tuesday Australian bourse filing.
The company said the acquisition will be funded from existing cash holdings, with WTL continuing to consider the optimal long-term holding structure, including potential participation by WTL & MWP Investco, though this does not affect its commitment to or funding of the transaction.
The company's shares rose 3% in recent Tuesday trade.
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