Bell Financial Group (ASX:BFG) has announced a $58m proposal to acquire 100% of Selfwealth (ASX:SWF) through a scheme of arrangement. The offer includes $0.25 per share, representing a 108% premium to Selfwealth’s last closing price of $0.12 prior to initial negotiations.
Bell Financial Group is a diversified financial services and wealth management business. Headquartered in Melbourne, the company provides retail and institutional broking, proprietary technology platforms, and financial products across lending, cash, and investment solutions. Bell manages over $94bn in client holdings and operates both domestically and internationally, with offices in cities including New York, London and Hong Kong.
Selfwealth is an online brokerage firm that offers a flat-fee, user-friendly trading platform aimed at retail investors. Known for its transparent pricing model, Selfwealth provides access to ASX and US equities. The platform also features a unique peer-comparison tool, enabling users to benchmark their portfolios against top-performing investors.
Selfwealth shareholders can opt for either cash, scrip in Bell Financial, or a mix of both, although the scrip option is capped at 50% of total consideration. The deal is expected to add 130,000 active portfolios to Bell’s platform, increasing its sponsored holdings to $94bn.
Selfwealth’s board has unanimously recommended the proposal, pending independent expert advice and shareholder approval.
A scheme meeting is anticipated by March 2025, with completion dependent on regulatory and court approvals.
Bell Financial Chairman Brian Wilson expressed confidence in a seamless integration, stating the acquisition will "maintain the Selfwealth brand" and enhance client offerings.
Shares in Selfwealth are up 4% at 26 cents.
