AUB Group Limited (AUB) has completed the sale of its total shareholding in allied health business Altius Group Holdings Pty Limited (Altius) to The Riverside Company for $57 million.
The $57 million payment is net of tax, transaction, and other relevant costs, the insurance broker network explained in a statement. It also includes AUB’s entitlement to pre-disposal dividends for profits recognised up to the sale date.
AUB confirmed that the sale of its Altius shareholding will result in a post-tax profit on disposal of $10 million, an amount that will not be reflected in Underlying Net Profit after Tax. The impact of this transaction on FY21 performance has been factored into previous FY21 earnings guidance.
AUB Group chief executive and managing director Mike Emmett commented early this year: “This sale reflects AUB's strategy to refocus on the core businesses of insurance broking and underwriting agencies and completes the exit from health and rehabilitation services. I'm delighted with the strongly improved performance of Altius over the last year and look forward to their continued success in future as part of the Riverside family.”
