Diversified financial services group WT Financial Group has completed its acquisition of advisory dealer group Sentry and placement of new shares for facilitating the purchase, the listed group announced in a brief investor update.

Last month WT announced it entered into a share purchase agreement to acquire the entire issued share capital of Sentry for an initial price of $7 million. Half of the acquisition will be paid for in cash and the remaining 50% in the form of WT shares to Sentry shareholders.

The cash portion payable on completion of the acquisition is being funded through the placement of new shares.

Under the terms of the agreement, a further maximum of $3 million will be payable if base fee revenue contributed by Sentry for the 2021/22 financial year exceeds an agreed milestone as certified by auditors.

WT said in a statement announcing the acquisition that the move is “transformational for [the business], is substantially accretive and will position the company well for future organic and inorganic growth”.

“On completion, the company will emerge with around 275 advisers across 200 practices Australia-wide,” WT said in the statement.

“Both the company and Sentry broadly provide the same suite of licensing solutions within their respective dealer group operations.”