Brief: Heartland Group Signs Conditional Share Purchase Deal For Purchase Of Challenger Bank

Heartland group

20/10/2022 02:12

Oct 20 (Reuters) - Challenger Ltd  CGF.AX :
    * SIGNED CONDITIONAL SHARE PURCHASE AGREEMENT FOR PURCHASE
OF
CHALLENGER BANK FROM CHALLENGER LTD
    * CONSIDERATION PAYABLE BY HEARTLAND ON COMPLETION IS
EXPECTED TO
BE APPROXIMATELY A$36 MILLION
    * ADVISED AVENUE HOLD THAT IT WILL NO LONGER BE EXPLORING
POTENTIAL ACQUISITION
    * MADE INITIAL SUBSCRIPTION FOR A$5 MILLION OF CAPITAL IN
AVENUE
HOLD; NO DECISION MADE ON FUTURE OF STAKE
    * TO COVER COSTS OF ACQUISITION THROUGH EXISTING RESOURCES
    * EXISTING REVERSE MORTGAGE AND LIVESTOCK BUSINESSES IN
AUSTRALIA
WILL BE TRANSFERRED TO SIT IN OR UNDER CHALLENGER BANK

Further company coverage:  CGF.AX 
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