Azimut has made another acquisition in Australia. The Italian financial services provider operating in the asset management sector announced having signed an agreement to buy the Perth-based Wealthwise financial planners through its affiliate AZ Next Generation Advisory (NGA).
The agreement, the ninth signed by the Italian group in Australia, includes a share swap of 49% of Wealthwise equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 51% stake will be paid to the founding partners over a period of two years. Wealthwise employs roughly 30 people and manages financial assets worth 245 million euros. The President of Azimut, Pietro Giuliani, emphasised that the company intends to continue expanding its activities in Australia, which it ranks as a priority financial market.
