Financial Index Wealth Accountants Australia (Findex) values Crowe Horwath at $137 million in documents detailing its proposed takeover of the financial services company.

Findex’s offer is 50 cents for every Crowe Horwath share – a 32% premium on the company’s 60-day trading price on the Australian Securities Exchange.   

Crowe Horwath’s board has backed the deal and its major shareholder – private equity group Alceon, with a 19.87% stake – has agreed to sell at 50 cents.

Findex CEO Spiro Paule says his company’s long-term growth strategy focuses on acquisitions.

“We believe the Crowe Horwath business in Australia and New Zealand is a natural fit to the Findex stable because of the synergies between accounting practices, financial advice and financial services – a mix in which we have considerable experience,” he said.

“We plan to maintain the Crowe Horwath brand and grow the business, which we believe will prosper under our systems, culture and guidance.”

Crowe Horwath Chairman Richard Grellman says Findex’s bid is a “compelling value proposition”, offering a premium for shareholders.

“The proposed transaction should further strengthen the level of service to our clients and opportunities for our staff,” he said.

An independent report by Grant Samuel will be released when the scheme booklet is sent to shareholders next month. The shareholder meeting will be held in December.

If approved by courts and shareholders, the takeover will be completed by January 6.