Praemium secures full control of Powerwrap

Value: $70 million.

Area: M&A.

Key players: Leath Nicholson (director) led the transaction, with support from Andrew Bini (director), Veroshan Sripragasan (senior associate) and Andrew Tsirikis (lawyer).

Deal significance: Praemium said the remaining 6 per cent of shares would be acquired under compulsory acquisition to be finalised in November.

The acquisition, announced in July, stated it would make an off-market conditional takeover offer for all the ordinary fully paid shares in Powerwrap which it was yet to hold. 

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The team also advised Praemium on a $15 million cross-border debt funding facility with HSBC, which was integral for Praemium to pursue such a strategic acquisition.

“We are delighted to have advised our long-time client Praemium on this highly transformative opportunity and are excited to see Powerwrap grow under their ownership,” Mr Nicholson said on the deal.

Praemium is a provider of technology platforms for managed accounts, portfolio administration, investment administration and financial planning.

Praemium services in excess of 300,000 investor accounts covering over $140 billion in funds globally for more than 1,000 financial institutions and intermediaries, including some of the world’s largest financial institutions.