Australia's Trustee Partners wins over Complectus, scuttling $150M IPO

Thu, 18 May 2017

By Paul McBeth May 18 (BusinessDesk) - Australian corporate trustee firm Trustee Partners has won over New Zealand's Complectus, which owns the Perpetual Guardian supervisory business, with an offer that was attractive enough to trump plans for a $150 million initial public offering. The companies today said the Overseas Investment Office has granted approval for Trustee Partners to buy Complectus, implying the deal was at least $100 million, being the threshold for requiring government approval when no sensitive land is involved, and th...

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