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Heartland Group buys Australian rural finance company

Online financial services provider Heartland Group expands in Australia with the purchase of a nationwide finance company.

Photo: 123RF

It will pay $143 million ($NZ154 million) to StockCo Holdings 2, currently owned by StockCo Australia Holdings and Elders Rural Service Australia, with an additional $A11 million based on future performance.

StockCo specializes in livestock financing for livestock and sheep farmers across Australia with total assets of $A341 million, in a market valued at more than $A7 billion. Elsewhere has agreed to distribute the financing deals exclusively to its customers for the next five years.

“This acquisition will expand Heartland’s ‘best of only’ strategy in Australia by expanding Heartland’s Australian offering in an area where it already has expertise,” the company said in a statement.

It offers farmers in New Zealand a similar type of financing for livestock through its online Heartland Bank business.

Heartland’s current Australian business is reverse mortgages, which allow older homeowners to cash in on the value of their property.

It said it would pay for the acquisition in the near term through new debt facilities from a major Australasian lender.

The transaction is expected to add approximately $A10m-$A12m to Heartland’s annual net profit.

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