Financial Index Wealth Accountants offers A$130 million ($117.5 million) to acquire Australian wealth managemer Centric Wealth.

Financial Index Wealth Accountants, the Brisbane-based financial planning advice and wealth accounting firm, has offered to acquire a local wealth management company for A$130 million ($117.5 million). 

The acquisition of Centric Wealth has been recommended by the Centric board, for which shareholders will receive 8.9 cents in cash per ordinary share. No major changes will be made to Centric's business model, confirmed FIWA. 

The purchase is made in collaboration with KKR Asset Management, which is providing the funds and will, thus, have an equity interest of around one-third in the merged entity.

Centric Wealth shareholders will receive more information on FIWA's bidder's statement, with the offer period ending on 17 March 2014. The merged firm is expected to have at least A$7.6 billion in funds under advice.