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IOOF update on acquisition of MLC

On 31 August 2020, IOOF announced an agreement with National Australia Bank (NAB) to acquire MLC, including the RSE licensee NULIS Nominees (Australia) Limited (NULIS), subject to the satisfaction of certain conditions precedent.

We are pleased to announce that today we received approval from the Australian Prudential Regulation Authority (APRA) to hold a controlling stake in NULIS. APRA’s approval satisfies the final regulatory condition precedent necessary to complete the acquisition of MLC.

IOOF CEO Renato Mota commented:

“This transformational acquisition will create one of the industry’s largest advice-led wealth management organisations. MLC will deliver a step change in our scale and reach, providing substantial benefits to our clients, members and ultimately our shareholders. We look forward to welcoming MLC to IOOF”

Read the full ASX announcement