OneVue has signed a scheme implementation deed to merge with Diversa, an Australia-based provider of superannuation trustee, administration and investment services.
Under the terms of the deal, OneVue will purchase all ordinary shares of Diversa. The merged business will have a market capitalisation of about $177m. It will comprise about $10.8bn in combined funds under trusteeship, management and administration, and over 75 clients.
The scheme will be entirely financed from OneVue’s December 2015/January 2016 capital raisings.
OneVue managing director Connie Mckeage said: "OneVue is Australia’s largest provider of outsourced unity registry services and Diversa is Australia’s leading independent retail superannuation trustee – combining the two organisations creates a significant financial services footprint. The combined business will also deliver additional scale to OneVue’s fast-growing superannuation administration business."
The deal has already secured the nod of boards of both companies, and is now subject to shareholders’ approval.
If the scheme secures the go-ahead, OneVue shareholders will own about 72% in the combined firm, while the remaining 28% will be owned by shareholders of Diversa.
OneVue chair Gail Pemberton added: "The combination of OneVue and Diversa has compelling strategic merit and is a highly complementary transaction which will provide benefits to shareholders, employees and customers, including significantly enhanced scale and talent."