Bell Financial Group (ASX:GGG) announced a $58 million proposal to acquire 100% of Selfwealth (ASX:SWF) through an agreement scheme. The offer includes $0.25 per share, representing a 108% premium to Selfwealth’s latest closing price of $0.12 prior to initial trading.
Bell Financial Group is a diversified financial services and wealth management company. Headquartered in Melbourne, the company provides retail and institutional brokerage services, proprietary technology platforms and financial products across lending, liquidity and investment solutions. Bell manages more than $94 billion in client holdings and operates both domestically and internationally, with offices in cities including New York, London and Hong Kong.
Selfwealth is an online brokerage firm that offers an easy-to-use, fixed-fee trading platform aimed at retail investors. Known for its transparent pricing model, Selfwealth provides access to ASX and US shares. The platform also features a unique peer comparison tool, which allows users to compare their portfolios with those of top-performing investors.
Selfwealth shareholders can opt for cash, scrip in Bell Financial or a mix of both, although the scrip option is limited to 50% of the total consideration. The deal is expected to add 130,000 active wallets to Bell’s platform, increasing its sponsored holdings to $94 billion.
Selfwealth’s board of directors has unanimously recommended the proposal, pending independent expert opinion and shareholder approval.
A meeting of the program is expected by March 2025, with completion dependent on regulatory and court approvals.
Bell Financial President Brian Wilson expressed confidence in a seamless integration, saying the acquisition will “maintain the Selfwealth brand” and enhance customer offerings.
Selfwealth shares rise 4% to 26p.