• Sequoia signs agreement to sell 100% of InterPrac Financial Planning to Conquest Investment Partners
• InterPrac has $7.5 million in cash and investment assets
• Sale enables Sequoia to focus on core strategic businesses and growth initiatives

Sequoia Financial Group Ltd (ASX: SEQ) has signed a Share Sale Agreement for the disposal of 100% of the issued share capital in InterPrac Financial Planning Pty Ltd ('InterPrac') to Conquest Investment Partners Pty Ltd for a total consideration of $50,000. The decision to divest InterPrac follows a strategic review of Sequoia's Licensee Services division, which identified structural, regulatory, and commercial challenges impacting the long-term viability of the business. Sequoia has written off $4.7 million in intangible assets related to InterPrac and states that if the sale conditions are not met, the value of InterPrac will be written down by a further $7.5 million. Under the sale agreement, InterPrac will have approximately $1.5 million in cash reserves and a $6 million investment portfolio. InterPrac also maintains a $20 million professional indemnity insurance policy. The sale will enable Sequoia to remove exposure to ongoing financial and regulatory uncertainty and refocus on its core strategic businesses and growth initiatives, including its wealth management, corporate finance, and legal document services. Conquest Investment Partners, led by experienced financial services executive John Pereira, will acquire InterPrac and work with current Managing Director Justin Harding to support the business going forward.

Sequoia will continue to focus on growing its remaining operations, including its Sequoia Wealth Management AFSL, salaried advice businesses, legal document services, superannuation administration, and media business. The company will also continue developing its Asia-Pacific strategy to expand its salaried advice and corporate finance businesses.