- Raiz Invest (RZI) has agreed to purchase Superestate business for 5.3 million company shares
- Superestate is integrated superannuation and Australian residential property platform and was founded by former Olympic swimmer Grant Brits
- The Raiz shares will be issued at a price of $1.7, valuing Superestate at $9.5 million
- Meanwhile, Raiz entered a trading halt today, which will see company shares paused until Friday, April 30
- On the market, Raiz last traded at $1.66 per share on April 27
Raiz Invest (RZI) has agreed to purchase Superestate business for 5.3 million company shares and has placed its securities in a halt.
Superestate is an integrated superannuation and Australian residential property platform and was founded by former Olympic swimmer Grant Brits.
Grant and his staff will join Raiz, however, the two businesses will continue to operate separately until an integration strategy is in place.
The Raiz shares will be issued at a price of $1.7, valuing Superestate at $9.5 million.
Managing Director and CEO George Lucas says this is the first acquisition in the company’s five year history.
“[This] marks an important milestone for the group by demonstrating organic growth is not our only option to increase funds under management (FUM) and Active Customers,” he said.
“For Superestate customers, they will benefit from the Raiz App investor reporting capabilities and other features that Raiz offers, such as Raiz Rewards, where cash backs from shopping online can be invested into superannuation,” Grant told the market.
Meanwhile, Raiz entered a trading halt today, which will see company shares paused until Friday, April 30.
The halt will be lifted on Friday or when it completes the purchase.
On the market, Raiz last traded at $1.66 per share on April 27.