Praemium secures full control of Powerwrap

By Tony Zhang|14 October 2020
Praemium secures full control of Powerwrap

Nicholson Ryan Lawyers has advised Praemium on its takeover of PowerWrap.

Firms: Nicholson Ryan Lawyers (Praemium); Hall & Wilcox (PowerWrap) 

Deal: Nicholson Ryan Lawyers has advised Praemium Limited (ASX: PPS) on its successful off-market cash and scrip takeover bid for Powerwrap Limited (ASX: PWL), for an aggregate deal value of circa $70 million. 

Value: $70 million.

Advertisement
Advertisement

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. 

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.

SPONSORED CONTENT

“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.

Praemium secures full control of Powerwrap
Intro image
lawyersweekly logo
SME Law

latest

What 2021 will look like for legal tech and innovation

What 2021 will look like for legal tech and innovation

Arnold Bloch Leibler Slater and Gordon

Arnold Bloch Leibler blocked from using Slater and Gordon documents in defence of class action

Victoria regional

Victorian legal services receive $1m funding boost

New opportunities for banks in the age of disruption

New opportunities for banks in the age of disruption

FROM THE WEB
Recommended by Spike Native Network