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CHALLENGER FINANCIAL BUYS CHOICE AGGREGATION.
SYDNEY, Sept 3 Asia Pulse - Challenger Financial Services Group Ltd (ASX:CGF) has bought Choice Aggregation Services, the owner of mortgage broker Choice Home Loans, for $A163 million ($US132.87 million).
"Consideration for the acquisition is $163 million," Challenger said.
"The acquisition is expected to be EPS (earnings per share) accretive in the first 12 months."
Challenger also plans to buy the remaining 85 per cent of PLAN, Australia's biggest mortgage aggregator, 15 per cent of which it bought in December 2005.
It will buy the remaining stake in September 2008.
Challenger said the consideration for PLAN would be based on how the business performs up until it is completed, based on similar financial metrics ...
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Source: HighBeam Research, CHALLENGER FINANCIAL BUYS CHOICE AGGREGATION.