CHICAGO-Australia-based United Group Ltd. has completed the purchase of local firm Equis Corp. for $A163 million, or $120 million, plus a potential performance payment.

As reported earlier by, United is funding the acquisition through a mixture of debt and equity, which will be raised through an institutional placement of $A125 million. Some $A121 million of that is fully underwritten.

Under the agreement, Equis’ 400-member senior management team will be led by Equis CEO David Montross, who will assume full responsibility for all aspects of the Equis business. Michael Silver, the founder of Equis, is tasked with providing a “strategic advisory role” to United Group and Equis.

With this acquisition, United has more than 12,000 employees in Australia, New Zealand, Asia, USA and UK. “We see this acquisition as an important part of our long-term strategy to lead specialist market sectors and provide a long-term growth platform for our business,” says United Group managing director Richard Leupen.

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