Euroz explores $145m corporate finance division offer
Euroz Hartleys has confirmed it has made a $145 million cash offer to potentially acquire Bank of Montreal’s corporate finance division.
In response to media speculation, the Perth stock brokerage firm has told the market it has made a non-binding and conditional cash offer to acquire the capital markets business of BMO Financial Group (Bank of Montreal).
Under the deal, Euroz Hartleys will retain full ownership of the asset management business and seek to form an alliance to maintain links between the two divisions.
Euroz’s board granted BMO an exclusivity period until the end of June to execute due diligence and progress agreement documents.
The firm said discussions were ongoing and “there is no certainty that the discussions will result in any transaction or definitive agreement.”
“The board of Euroz Hartleys is committed to maintaining a strong focus on the strategic direction and continued growth of the company independently and on maximizing value for shareholders across all lines of business, as well as delivering positive outcomes for employees and customers,” Euroz told the market.
“After due consideration and acting in the best interests of all shareholders, the board granted BMO an exclusivity period of until June 30, 2026 to conduct due diligence and advance the relevant transaction documents.”
BMO Financial Group is a dual-listed affiliate of the Bank of Montreal and is traded on both the Toronto Stock Exchange and the New York Stock Exchange.
The company, led by Andrew McKenzie, has appointed Grant Samuel as financial advisor and Steinepreis Paganin as legal advisor on the proposed deal.
The proposed deal comes after Euroz previously confirmed it was in early-stage talks for potential deals in the second half of 2025 amid deal rumors swirling in Canada.
A possible Bank of Montreal deal would follow other Canadian players in the Australian market, following Canaccord Genuity’s 2019 acquisition of Perth-based Patersons Securities.
