360 One WAM Acquires Moneygoals in Landmark Deal to Bolster Wealth Management Services

360 One WAM Limited (formerly known as IIFL Wealth Management Limited), a leading wealth management firm in India, announced a significant acquisition today. The company’s Board of Directors approved the acquisition of Moneygoals Solutions Limited (MGSL) from Times Internet Limited (TIL) on June 12, 2024. This strategic move strengthens 360 One WAM’s position within the Indian wealth management sector.

Acquisition Details

The total purchase consideration for MGSL is ₹3,658,268,700. This amount will be settled through a combination of cash and equity issuance, subject to necessary regulatory approvals.

• Cash Payment: ₹85,83,20,000 will be paid directly to TIL in cash.
• Equity Issuance: 35,90,000 new equity shares of 360 One WAM, with a face value of ₹1 per share, will be issued to TIL at a price of ₹779.93 per share. This issuance requires approval from 360 One WAM shareholders through a special resolution at the upcoming Annual General Meeting (AGM).

A Strategic Alliance

The acquisition of Moneygoals signifies 360 One WAM’s commitment to growth and industry leadership. Moneygoals, a subsidiary of Times Internet, is a well-established player in the Indian wealth management space. By combining forces, both companies aim to:

• Expand Client Base: 360 One WAM and Moneygoals can reach a wider audience of potential investors by leveraging the combined strengths of their distribution networks.
• Enhance Service Offerings: The combined expertise of both companies will lead to a broader and more comprehensive suite of wealth management services for clients.
• Drive Innovation: The acquisition fosters an environment for collaboration and innovation, paving the way for developing new and improved wealth management solutions.

Looking Ahead

Subject to regulatory approvals and shareholder consent, this acquisition positions 360 One WAM to become a dominant force in the Indian wealth management landscape. The company is well-positioned to capitalise on the growing demand for wealth management services in India and deliver superior value to its stakeholders.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.