Euroz explores $145m corporate finance division offer

Euroz Hartleys has confirmed the Bank of Montreal has made a $145 million cash offer to potentially acquire its corporate finance division. 

In responding to media speculation, the Perth stockbroking firm told the market BMO Financial Group – being the Bank of Montreal – had made a non-binding and conditional cash offer to buy its capital markets business. 

Under the deal, Euroz Hartleys would retain full ownership of its wealth management business and seek to form an alliance to maintain links between the two divisions. 

Euroz’s board has provided BMO with a period of exclusivity until the end of the June to conduct due diligence and progress deal documents.

The firm said discussions were ongoing and that there was “no certainty that the discussions will lead to any transaction or definitive agreement”.

“The board of Euroz Hartleys remains committed to the strategic direction and continued growth of the company on a standalone basis and to maximising value across all of its businesses for shareholders, along with a strong focus on ensuring positive outcomes for employees and clients,” Euroz told the market.

“After due consideration and acting in the interests of all shareholders, the board has provided BMO with a period of exclusivity to 30 June 2026 to conduct due diligence and progress relevant transaction documentation.”

BMO Financial Group is the dual-listed entity for the Bank of Montreal, listed on both the Toronto Stock Exchange and New York Stock Exchange.

The Andrew McKenzie-steered company engaged Grant Samuel as financial adviser and Steinepreis Paganin as its legal adviser on the proposed deal.

The proposed deal comes after Euroz previously confirmed it was in early stage talks for potential opportunities amid swirling Canadian deal rumours in the second half of 2025.

A potential Bank of Montreal deal would follow other Canadian players in the Australian market, after Canaccord Genuity bought Perth-based Patersons Securities in 2019.