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The major aggregator has completed its acquisition of a 75 per cent stake in Fintelligence.
Following on from its announcement last month that it was buying a 75 per cent stake in asset finance aggregator National Finance Alliance Pty Ltd (trading as Fintelligence) for $52.5 million, Australian Finance Group (AFG) has now confirmed that the deal has completed.
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Together, the combined group will have more than 3,335 brokers and will deliver combined asset finance settlements of more than $1.7 billion per annum, based on combined, proforma results.
AFG has an exclusive option to acquire the remaining 25 per cent interest in Fintelligence over the next three and a half years, with value linked to Fintelligence achieving agreed milestones.
Fintelligence will remain as a brand in the marketplace. The management team and staff in Queensland and Victoria will also continue to operate as they do now.
The deal was made for $52.5 million (funded primarily by a new corporate debt facility).
When announcing the acquisition last month, AFG said the move would help drive market share in the asset finance sector, particularly noting Fintelligence’s “advanced, scalable and proprietary asset finance platform”.
It will also provide exposure to the retail asset finance market through Fintelligence’s retail broking business, Broli, and feature an in-house referral service for AFG’s existing network of residential brokers to provide choice for consumers via a trusted partner.
AFG chief executive David Bailey said at the time: “This acquisition represents a significant opportunity to build a fast growing, technology-enabled asset finance aggregation business of scale. It will drive growth in AFG’s asset finance volumes, market share for the combined group, and more lender and product opportunities for brokers and their customers.
“In addition, the acquisition allows AFG to increase the availability of white label and securitised asset finance products to meet the needs of our brokers and customers.”
[Related: AFG acquires aggregator]
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