Saturday, 2 August 2014
Last updated 14 hours ago
Dec 17 2007 | 10:18am ET
Australian hedge fund manager HFA Holdings has expedited the closing of its deal for Florida-based Lighthouse Investment Partners, now set for early next month.
Sydney-based HFA is paying A$680 million for Lighthouse. The acquisition was initially scheduled for completion in March, but quicker-than-expected approval from regulators and Lighthouse shareholders pushed the deal forward. HFA CEO Spencer Young says the earlier closing will help boost profits next year.
“Closing the transaction three months earlier will make a material difference to how accretive the whole transaction is because we’re bringing the profits from Lighthouse into HFA for a full quarter beforehand,” he said. “Looking to the future, the completion of the Lighthouse acquisition combined with the strong fundamentals of our existing business leave us confident that HFA will continue on a steady growth path.”
Lighthouse is based in Palm Beach Gardens, Fla.