WT Financial Group (ASX:WTL) said its joint venture WTL & MWP Investco has signed a Heads of Agreement to form a new entity, "Hubco," consolidating three financial advice firms, according to a Friday filing with the Australian bourse.
The agreement will bring together Titan Financial Planning, Darwin Financial & Retirement Services, and Wealth Connect Financial Services into Hubco, the filing said.
Titan's owner and Financial Coach David McLean will take on the role of Hubco's Chief Executive Officer, the filing added.
Investco will provide an initial capital of AU$3.5 million, and will hold an initial 36% stake in Hubco, with WTL holding a 6% equity stake in the new entity, the company said.
The deal is expected to close by the end of next month, the company added.
Shares of the company rose 4% in recent Friday trade.
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