Heartland Group Holdings Limited (NZSE:HGH) signed a conditional share purchase agreement for the purchase of Challenger Bank Limited from Challenger Limited (ASX:CGF) for AUD 36 million on October 20, 2022. Upon completion Heartland's existing Reverse Mortgage and Livestock businesses in Australia will be transferred to sit in or under Challenger Bank. For regulatory reasons, Heartland will be required to hold Challenger Bank through an Australian incorporated non-operating holding company (NOHC) which is approved and regulated by the Australian Prudential Regulatory Authority. Heartland's intention is to cover the costs of the acquisition through existing resources. The share purchase agreement is subject to obtaining the requisite regulatory approvals in Australia and New Zealand. Corrs Chambers Westgarth acted as legal advisor, Jarden Partners Limited acted as financial advisor and Deloitte & Touche Netherlands acted as accountant to Heartland Group Holdings Limited. Deal si expected to settle in 2H23.