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360 One Wealth and Asset Management, formerly IIFL Wealth, has entered into a definitive agreement to acquire wealth tech platform ET Money for ₹366 crore. 360 ONE WAM will do the acquisition via a stock swap deal and part cash.
ET Money has 9 lakh-plus transacting clients, with more than 1 lakh revenue-generating users. It tracks an overall AUM of ₹70,000 crore.
The AUM invested in its platform is nearly ₹28,000 crore of which mutual funds constitute more than ₹25,000 crore. “The acquisition allows 360 ONE and ET Money to leverage their product suite, domain understanding of the business, portfolio advisory solutions, brokerage services and credit solutions to a large user base. The acquisition is expected to result into a strong and faster path of monetisation for ET Money across both users as well as product offerings,” the company said in a statement.
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