WESTPAC has completed its formal due diligence to buy the RAMS brand and distribution business for $140 million.
RAMS Chairman John Kinghorn said Westpac has confirmed that the conditions precedent to the sale relating to due diligence have been met.
Westpac said a condition of the agreement was that Westpac would not find anything in the course of its due diligence that has a material adverse impact on the assets, liabilities, financial position or the prospects of the RAMS franchise distribution business.
Westpac said no material adverse impacts were found.
Australian Property Journal