360 ONE WAM LIMITED on Wednesday acquired ET Money in a cash stock deal worth Rs 365 crore from Times Internet, the company said in a regulatory filing.
Pursuant to the deal, 360 ONE WAM Limited, previously known as IIFL Wealth Management, will give one time cash component of Rs 8.58 crore. ONE WAM will also retain Times Internet’s stake in the company by issuing 3.59 million shares at an issue price of Rs 779.93 apiece.
Times Internet is a subsidiary of Times Group, which operates media publications like The Times of India and The Economic Times.
As part of the deal, 360 One Wam is acquiring two entities of ET Money–Banayantree Services and Moneygoals Solution. Both the companies would be a wholly-owned subsidiary of 360 One Wam Limited.
Moneygoals Solution provides business advisory, product management and other business support services. While Banayantree Services operates in digital distribution of financial products like FD, NPS, insurance, P2P lending and investment advisory services. Moneygoals logged turnover of Rs 2.04 crore in FY24, while Banayantree Services reported a turnover of Rs 28.70 crore.
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The acquisition is expected to create significant synergies between 360 One and ET Money to tap into their combined offerings, including domain expertise, portfolio advisory services brokerage, and credit solutions. The deal with 360 One is expected to aid ET money in monetising its user base and product portfolio.
Companies expect the deal to close in around 6 months, given that it clears all regulatory hurdles.
Edited by Megha Reddy
