GoLogiq, a U.S.-based global provider of fintech and consumer data analytics, has entered into a non-binding letter of intent to acquire a controlling interest in Australia-based Bateau Asset Management, a boutique global investment manager.
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The acquisition would further expand GoLogiq’s presence into Southeast Asia, complementing its planned acquisition of Sydney-based CPG Research & Advisory and its existing North American fintech platform.
Since 2016, Bateau has offered an absolute-return investment philosophy delivered by a multi-manager approach to investing. Services include investment research and education with the objective of providing clients rigorously constructed, absolute return portfolios that they can understand.
The company serves a range of clients, from high net worth individuals and family offices to non-profit organizations and other institutions. It maintains an experienced advisory team based in Perth and Singapore which is supported by a robust compliance and corporate governance team with a strong client service ethos.
“Bateau provides GoLogiq with a transformational opportunity to significantly expand our position in one of the world’s most dynamic investment markets and strengthen our focus on meeting the increasingly complex capital needs of clients around the world,” stated GoLogiq interim CEO, Brent Suen. “Bateau’s professionals share with GoLogiq deep experience and skills, flexibility and innovative thinking, along with culture of investment excellence focused on delivering long-term value for its stakeholders.”
Stuart Haley, managing director at Bateau, commented: “GoLogiq offers Bateau an optimal partnership for growing our business and investing in complementary adjacent strategies that would leverage GoLogiq’s considerable expertise and distribution capabilities within the U.S. We look forward to working closely with our new partners, drawing on our new collective strengths, as we expand together into new strategies and complementary products across geographies.”
Under the terms of the transaction, GoLogiq will acquire 100% of Bateau in an all-stock transaction. GoLogiq would issue common shares to Bateau shareholders valued at US$24 million. The parties anticipate the acquisition to close in the second quarter of 2023.
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Bateau follows GoLogiq’s recent acquisition of GammaRey, which brought to GoLogiq a profitable business driven by an estimated $20 million annualized revenue run rate and nearly $800 million in customer financial assets. It also introduced a pipeline of accretive and/or tech-enabling acquisition targets, including CPG Research & Advisory.
GoLogiq also reported that it has begun the process of applying to list on a senior U.S. stock exchange. The listing would be subject to approval based on several factors, including satisfaction of minimum listing requirements. The company believes it meets the reporting, governance and quantitative requirements, including net shareholder equity and market capitalization.
While GoLogiq expects the Bateau transaction to be completed as anticipated, a definitive agreement has yet to be signed and no assurances can be given it will be executed or the transaction will be completed as described.
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