SAS Trustee Corporation (STC) today announced that it had completed the sale of 100% of the shares in State Super Financial Services Australia Limited trading as StatePlus to First State Super.
John Livanas, CEO of STC, said “I congratulate Michael Dwyer and his team for the successful acquisition of StatePlus and look forward to a long and mutually beneficial working relationship.
It is a change of an era with StatePlus now having a new owner and we have every confidence that First State Super will continue to strive to ensure that StatePlus provides the best financial planning and advice services to STC members”.
“First State Super won the acquisition of StatePlus after an extensive and keenly contested dual track process where a potential IPO was pitched against trade bidders,” Mr Livanas said. “Our advisers Macquarie Capital (Australia) Limited, Herbert Smith Freehills and KPMG helped us conduct a transparent process overseen by a probity adviser that delivers a great outcome for STC’s members.”
About First State Super
First State Super is one of Australia’s largest superannuation funds with $54 billion in funds under management and more than 756,000 members (as at April 2016), the majority of whom work in education, health and service based vocations, including law enforcement, emergency services and other organisations that care for the community. First State Super is a profit-for-member fund, run solely for the benefit of its members and provide superannuation, retirement products and financial advice to support the unique needs of its members. Its members can access telephone advice or meet face-to-face with First State Super staff in locations across NSW, Victoria, ACT and WA. First State Super’s purpose is to provide a better future for all Australians.