Heartland Group gets nod for Challenger acquisition

Heartland Group has received indicative regulatory approval for its acquisition of Challenger Bank and announced a $210 million equity raise.

The approval was granted by the Australian Prudential Regulation Authority and the Reserve Bank of New Zealand.

However, the final regulatory approvals from APRA and RBNZ are conditional on the successful completion of the equity raise.

The equity raise will consist of a $105m underwritten institutional placement and a $105m underwritten 1 for 6.85 accelerated non-renounceable entitlement offer.