Centrepoint Alliance has sealed its acquisition of the financial advice businesses of ClearView Wealth, boosting its advisory network by another 281 advisers.

Centrepoint says the investment supports its strategic objective of building a profitable and market-leading advice service business at scale.

The $15.2 million deal, announced in August, relates to the purchase of ClearView Financial Advice, Matrix Planning Solutions and LaVista Licensee Solutions.

It is financed through a cash consideration of $3.2 million and issuance of $12 million in escrowed shares, an arrangement that will see ClearView holding a 25% stake in Centrepoint Alliance.

“Since announcing the acquisition, we are well advanced integrating the businesses,” Centrepoint Alliance CEO John Shuttleworth said.

“The combined group now has more than 1300 licensed and self-licensed advisers across Australia, making the company one of a select number of independent advice and business services firms with the scale and efficiency to deliver strong profitability.

“We are excited by what the future together will bring us.”