Bell Financial Group (ASX: BFG) has announced a proposal to acquire trading platform provider Selfwealth (ASX: SWF) for around AU$51 million, according to a Wednesday filing with the Australian bourse.
The financial services provider plans to acquire all of Selfwealth's shares at AU$0.22 per share through a scheme of arrangement, the filing said.
The acquisition will add 130,000 active portfolios to Bell Financial Group's online broking business and is expected to increase the company-sponsored holdings to AU$94 billion.
It will also add materially to the earnings per share, the filing added.
Selfwealth's shares soared almost 73%, while Bell Financial Group's shares were up by over 1% in recent Wednesday trade.
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