MA Financial Group Limited (ASX:MAF) entered into a share sale agreement to acquire Finsure Holding Pty Ltd from BNK Banking Corporation Limited (ASX:BBC) for AUD 150 million on December 15, 2021. The consideration is inclusive of AUD 7.2 million of Finsure cash reflective of the cash adjustment under the agreement. Acquisition funding to be supported by an underwritten institutional placement to raise approximately AUD 100 million and a non-underwritten Share Purchase Plan to raise up to AUD 10 million.

The deal is subject to regulatory approval. The deal is expected to complete in the first half of 2022. As on January 20, 2022, the acquisition has received the necessary regulatory approvals from APRA.

BNK is pleased to confirm this requirement has now been satisfied, and the sale is therefore expected to complete on February 7, 2022. Gresham Partners Limited acted as financial advisor to BNK Banking Corporation Limited (ASX:BBC). Allens acted as legal advisor to BNK Banking Corporation Limited (ASX:BBC).

UBS acted as Financial advisor to MA Financial. Rebecca Maslen-Stannage and Danielle Farrell of Herbert Smith Freehills acted as legal advisor to MA Financial Group Limited.