One deal went for $82.2m, while the other went for $10.2m
Corrs Chambers Westgarth has coached AZ Next Generation Advisory Limited (AZ NGA) and Entireti Limited (Entireti) as they each acquired AMP financial service entities.
Professional services group AZ NGA purchased AMP’s minority stakes in 16 financial planning and credit advisory practices across Australia for $82.2m. Meanwhile, financial advice-focused business services group Entireti secured AMP's advice licensees and its self-licensed support services business Jigsaw for $10.2m.
According to Corrs lead partner Felicity Saxon, the transactions “will pave the way for growth and contribute to a broader strategic partnership between AZ NGA, Entireti, and AMP”. Complex negotiations were part of the acquisitions.
As a result of the pickup, Entireti has secures its place among the biggest advice business services groups in the country.
Saxon led a team that advised on all aspects of the deals. She received support from partners Andrew Lumsden, James North, Michael Chaaya, Katrina Sleiman, Benjamin Emblin, Cameron Blackwood, Jack de Flamingh, Ian Reynolds, and Michelle Dean.
