Value: $70 million. 

Deal: Hall & Wilcox has advised Powerwrap Limited (ASX: PWL) on the recent successfully completed recommended off-market takeover bid by Praemium Limited (ASX: PPS).

Area: M&A, capital markets.

Key Players: The Hall & Wilcox team was led by partner John Hutchinson, with support from partner James Morvell and senior associate Vanessa Murphy. 

Deal Significance: The offer comprised cash/scrip consideration at a total value of approximately $70 million for all of Powerwrap’s issued share capital.

Powerwrap is a fellow ASX-listed investment management company, as well as a wealth management platform. Praemium first made a bid to buy the company for a purchase price of $55.6 million in July 2020. 

This offer valued Powerwrap at approximately 26.44 cents per share, with shareholders to receive 7.5 cents per share in cash. The shareholders are also set to receive one Praemium share for every two of their shares in Powerwrap.

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The offer was welcomed by the Powerwrap’s board of directors, who unanimously encouraged the company’s shareholders to accept the offer.

“We have worked closely with the Powerwrap board and management team since the IPO and ASX listing in 2019 and are delighted to have assisted in this transaction which has created a merged entity with significant scale and market position as one of Australia’s leading independent specialist wealth management platforms,” Mr Hutchinson said.

Powerwrap is an innovative technology service provider offering a specialised platform to wealth managers, financial advisers and brokers to manage and administer their client portfolios.