Infocus Wealth Management Limited agreed to acquire Madison Financial Group Pty Ltd and WealthPortal Pty Ltd from Clime Investment Management Limited (ASX:CIW) for AUD 2 million on May 27, 2024. The consideration consists of AUD 2 million in convertible debt. As part of the consideration, AUD 2 million was paid towards common equity.

The transaction is approved by the Board of Directors of Clime Investment Management Limited (ASX:CIW). The transaction is subject to satisfaction of certain conditions precedent (to be confirmed following completion of due diligence). The transaction is expected to be completed by the end of the financial year.

As on June 27, 2024 Infocus Wealth Management Limited entered into full form binding sale deed and expected date of acquisition is June 28, 2024.