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CHALLENGER GROUP TO BUY ZURICH ARM FOR $US85MLN.
SYDNEY, Sept 1 Asia Pulse - Zurich Capital Markets' Australian Principal Finance business is to be bought for $A133 million ($US85.78 million) by the Challenger Financial Services Group (ASX:CFG).
The Kerry Packer-backed Challenger group today said the deal will allow Challenger to buy Interstar Securities, one of Australia's largest independent and privately held, non-bank wholesale mortgage financiers for $85 million.
It will also pay $48 million for a high yield fixed interest portfolio.
In order to secure Interstar, Challenger will acquire 84,500 hectares of forestry assets worth $54 million on a 12-month deferred settlement basis.
"The acquisition of Interstar provides Challenger an opportunity to enhance its broader financial services platform with Interstar's expanding wholesale mortgage distribution base and leverage on Interstar's reputation in global capital markets," Challenger said.
Challenger's chairman James Packer said Interstar would play a ...
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Source: HighBeam Research, CHALLENGER GROUP TO BUY ZURICH ARM FOR $US85MLN.