Australian Unity Limited entered into an agreement to acquire IOOF Ltd. from Insignia Financial Ltd. (ASX:IFL) for AUD 40 million on July 23, 2023. The purchase price to be paid is AUD 36 million in cash upon completion, plus an additional contingent amount of up to AUD 4 million payable 12 months after completion, subject to the transition of clients and funds under management. Completion of the acquisition is subject to regulatory approval and is expected to complete by the end of calendar year 2023. Jason Jordan,Katherine Gregor, David Ryan, Michael Vrisakis and Toby Eggleston of Herbert Smith Freehills acted as legal advisors to Australian Unity Limited. King & Wood Mallesons acted as legal advisor to Insignia Financial Ltd. and IOOF Ltd.

Australian Unity Limited completed the acquisition of IOOF Ltd. from Insignia Financial Ltd. (ASX:IFL) on October 31, 2023.