Bell Financial Group (ASX:BFG) has entered into an agreement to acquire all outstanding shares of SelfWealth (ASX:SWF). The acquisition values each SelfWealth share at 25 cents, totaling approximately $57.7 million. SelfWealth shareholders can choose cash, BFG scrip, or a combination, with scrip capped at 50%.
Bell Financial Group's acquisition of SelfWealth is set to enhance its online broking capabilities by adding nearly 130,000 active portfolios and increasing sponsored holdings by $11 billion to $94 billion. The acquisition, supported by the SelfWealth Board, promises revenue and cost synergies, significantly boosting BFG's earnings per share post-integration. The transaction awaits customary conditions, including shareholder and court approvals, with a Scheme meeting planned for March 2025. This strategic move aligns with BFG's growth initiatives, aiming to provide enhanced value to its shareholders while maintaining the SelfWealth brand for future growth.
Brian Wilson AO, Chairman of BFG, emphasized a smooth integration with minimal client disruption and maintaining the SelfWealth brand for continued growth.