Generation Development Group Limited (AU:GDG) has released an update.
Generation Development Group Limited (GDG) has announced a definitive agreement to acquire the remaining 61.9% stake in Lonsec Holdings Pty Ltd for $197.4 million, a move that will give GDG full control and allow it to capitalize on Lonsec’s strong market position and expected growth. The acquisition, set to be completed in August 2024, will be funded through a mix of a Conditional Placement worth $49.2 million and an Equity Raising of around $155.4 million. This strategic acquisition is anticipated to boost GDG’s earnings immediately and enhance its presence in the high growth managed accounts market.
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