360 ONE Wealth Asset Management (WAM), India’s wealth manager for ultra-high-net-worth individual families, has agreed to buy Times Internet-owned ET Money for Rs 365.8 crore ($44 million) in a stock swap and part-cash deal.
360 ONE will pay Rs 85.8 crore in cash to Times Internet, while the remaining will be through issuing 3.5 million stocks of the firm for Rs 779.93, according to an exchange filing issued by the company.
Through this acquisition, 360 ONE Wealth Asset Management will take over two entities—Moneygoals Solutions Limited (ET Money) and Banayantree Services Limited (ET Money Genius)—and enter the wealth techspace.
“As we move forward, 360 ONE and ET Money will now be able to leverage the product suite, domain understanding of the business, portfolio advisory solutions, brokerage services, and credit solutions to a large user base. The acquisition is expected to result in a strong and faster path of monetisation for ET Money across both users as well as product offerings,” said Karan Bhagat, founder, MD & CEO of 360 ONE WAM.
360 ONE WAM is the investment and financial advisor to 7,200+ relevant families in the high-net-worth-individual (HNI) and ultra-HNI segments with aggregate assets of around $56.3 billion under management.
ET Money has 9 lakh+ transacting clients with more than 1 lakh revenue-generating users. It tracks an overall AUM of Rs 70,000 crores.