BT Financial Group is being palmed off yet again in what will be Australian bank Westpac’s second attempt to acquire the investment firm. It will also be the bank’s third, and largest, fund management acquisition since it purchased Rothschild Australia Asset Management in April.
Westpac will acquire a majority stake in BT Financial Group for A$900 million (US$496 million) with a maximum additional payment of A$150 million to Principal Finance Group subject to the performance of the business – that is, dependent on Westpac’s success in increasing retail funds under management.
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