NobleOak's Acquisition of RevTech Trailing Commissions and 'FiftyUp Club' Business

NobleOak Life Limited (ASX:NOL) has announced the signing of a conditional Sale Agreement with RevTech Media Pty Ltd to acquire the trailing commissions on NobleOak products and its 'FiftyUp Club' platform business and brand for a total consideration of $11 million, comprising $3 million cash and NobleOak shares valued at $8 million.

Executive Commentary on Acquisition

NobleOak's Chief Executive Officer, Anthony Brown, expressed, 'We are very pleased to announce our agreement to acquire the trailing commissions and 'FiftyUp Club' business from RevTech Group. The Acquisition will be value accretive, delivering annual free cash flow, as well as continued access to the 480,000 members of the 'FiftyUp Club without any ongoing commissions. It is in line with our risk appetite and diversified growth strategy.'

Summary of NobleOak's Acquisition and Outlook

NobleOak (ASX:NOL) has strategically moved to acquire the trailing commissions and 'FiftyUp Club' business from RevTech Group for $11 million, with a mix of $3 million cash and $8 million in NobleOak shares. This Acquisition is expected to be value accretive and provide access to 480,000 'FiftyUp Club' members without ongoing commissions. The company's Chief Executive Officer, Anthony Brown, highlighted that this move aligns with their risk appetite and diversified growth strategy. NobleOak's commitment to offering high value, easy to understand, and competitive life risk insurance products remains at the core of its business model.