Latitude Group Holdings Limited (ASX:LFS) agreed to acquire Symple Loans Pty Ltd for approximately AUD 190 million on August 9, 2021. As per the transaction, Latitude Group Holdings Limited will pay AUD 100 million in cash and 38.46 million Latitude shares from which 23.5 million of the shares, received by Symple's founders will be escrowed for 2 years. The cash payment will be funded through existing cash and corporate facilities. As a part of the transaction, Symple Loans Pty Ltd's team will join Latitude Group Holdings Limited. Upon completion Bob Belan will remain CEO of Symple, reporting to Ahmed Fahour, Symple's founders will take senior management positions within the Latitude Group, tasked with successfully integrating and growing Latitude's lending business. As part of the transaction, an earnout payable in shares and linked to realisation of key operational and annualised synergy milestones and stretching targets will be payable over a 2-year period to the Symple team directly responsible for the integration and delivery of the new platform. The transaction is subject to regulatory approval and is expected to complete in Q4 2021. The transaction is expected to accelerate growth in Latitude's loan portfolio and reduce costs, and is expected to be accretive on the average of equity analyst forecasts for FY23. Bank of America acted as financial advisor and King & Wood Mallesons, Australia Branch acted as legal advisor to Latitude Group Holdings Limited. UBS AG, Australia Branch acted as financial advisor to Symple Loans Pty Ltd.

Latitude Group Holdings Limited (ASX:LFS) completed the acquisition of Symple Loans Pty Ltd on October 26, 2021. Symple's Co Founder Bob Belan has been appointed Latitude's EGM, Money, effective immediately, to lead the Latitude Group lending business and oversee the integration. BofA Securities, Inc. acted as financial advisor to Latitude Group Holdings Limited.