M&A

M&A

360 One acquires ET Money in Rs.366-Cr stock-and-cash deal

BSE Filing  

Publicly listed 360 One Wam (formerly IIFL Wealth Management) is to acquire 100% stake in online personal finance portal ET Money (managed by Moneygoals Solutions Limited or MGSL) from Times Internet for about INR 366 crore in a stock-cum-cash deal. The cash component is about INR 86 crore and the remaining INR 280 crore in the form of equity shares of the acquirer (35.90 lakh shares at INR 779.93 per share).The deal includes the acquisition of Banayantree Services Limited (BTSL), a wholly owned subsidiary of MGSL. The turnovers of BTSL and MGSL for FY24 were INR 28.70 crore and INR 2.04 crore respectively.ET Money is one of India's biggest SEBI-registered Investment Advisors by number of clients and among the largest non-brokerage Digital Platforms for Wealth Management. ET Money has 9 lakh+ transacting clients with more than 1 lakh revenue-generating users. It tracks an overall AUM of about INR 70,000 crore. The AUM invested in its platform is nearly INR 28,000 crore of which mutual funds constitute more than INR 25,000 crore. The platform has gross monthly sales of over INR 1,200 crore with SIPs amounting to INR 450 crore monthly and MF Net flows of nearly INR 750 crore per month. Its investment advisory service, ET Money Genius, has more than 76,000 active paying advisory clients with an AUM of INR 1,200 crore.