OneVue to acquire Diversa

OneVue and Diversa have taken the next step in a relationship which began two years' ago, by moving for a formal merger via an acquisition by OneVue.

The merged entity would have fund under management (FUM) of $10.8 billion and an estimated combined market capitalisation of $177 million.

The two publicly-listed companies announced to the Australian Securities Exchange (ASX) today that they had entered into a Scheme of Implementation Deed under which OneVue will acquire all of Diversa's ordinary shares.

The ASX announcement said the merger would bring together two businesses with a shared vision of capitalising on growth in the superannuation services market.

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It said the proposed Scheme was anticipated to be implemented by late September.

Commenting on the transaction, OneVue managing director, Connie Mckeage said OneVue was Australia's largest provider of outsourced unity registry services and Diversa was Australia's leading independnet retail superannuation trustee.

"Combining the two organisations creates a significant financial services footprint," she said.

Under the arrangement's Diversa's chairman, Ron Dewhurst will be invited to join the OneVue boards as a non-executive director and Diversa managing director, Vincent Parrott will become a member of the OneVue management team, reporting to Mckeage.