Axi Loses Bid in AUD 65M SelfWealth Deal

Axi Loses Bid in AUD 65 million SelfWealth acquisition as Syfe emerges victorious in competitive takeover battle. Retail-focused CFDs broker Axi lost the race to acquire Australian trading platform SelfWealth, as Singapore-based investment firm Syfe will now take over the company in a fully cash-backed deal worth AUD 65 million.

Axi Loses Bid as Syfe Secures SelfWealth

As previously detailed by financemagnates.com, Axi had proposed a 23-cent-per-share offer for SelfWealth, translating to an AUD 52 million bid. This outbid an earlier offer by local contender Bell Financial Group by 1 cent per share. However, Syfe ultimately emerged victorious with a significantly higher AUD 65 million offer.

Syfe’s winning bid offers a 133 percent premium over SelfWealth’s last traded price of 12 cents on 12 November 2024, the day before Bell Financial submitted its initial bid.

Read more: CMC Expands in Australia While IG Highlights Singapore’s Market Potential

SelfWealth shareholders have now approved Syfe’s offer, with the transaction expected to close by 7 May, pending necessary court approvals or waivers. After completing the deal, Syfe will delist SelfWealth from the Australian Securities Exchange and rebrand it as “Selfwealth by Syfe.”

Syfe currently operates across Australia, Singapore, and Hong Kong, offering wealth management services throughout the region.

“Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe,” said Syfe Founder and CEO, Dhruv Arora, adding: “We believe now is the time to strengthen our presence in Australia.”

Australian Investor Base

SelfWealth, often described as “Australia’s most popular low-cost trading platform,” facilitates trading in equities listed on exchanges in Australia, the US, and Hong Kong. It serves approximately 129,000 active Australian investors and manages AUD 10.7 billion in funds under administration.

Founded in 2012, SelfWealth went public in 2017. For the fiscal year ending 30 June 2024, the firm reported AUD 27.6 million in revenue and a net profit of AUD 3.4 million.

“As CEO, I am immensely proud of what has been achieved for both customers and shareholders, particularly over the last 18 months,” said SelfWealth CEO, Craig Keary. “With a refreshed Board and new leadership team, significant progress and success has been made in a short time as we transformed the business to meet changing customer demands.”

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