Challenger Limited signs share sale agreement with Heartland Group

Challenger Limited (ASX: CGF) announced that it has entered into a share sale agreement with Heartland Group Holdings Limited (ASX: HGH) to sell Challenger Bank Limited for ~ AU$36 million.

The sale of the Bank follows the conclusion of a planned review announced in August 2022.

Key Transaction details:

• Cash sale of the Bank to Heartland for ~AU$36 million.
• Purchase price is ~AU$11 million in excess of the Bank’s net assets.
• Excess capital of ~AU$100 million is likely to be returned to Challenger before completion. However, it is conditional upon APRA approval.
• The conclusion of the transaction is conditional upon regulatory approvals in Australia and New Zealand.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au