Fairfax sells InvestSmart for $7m, after buying it for $12m

Six years after buying InvestSmart for $12m and merging it with its existing Direct Access managed funds service, Fairfax Media is to sell the business for $7m.

The company has agreed to sell the business to Australian Wealth Investments, saying the financial services portal will sit better with a financial services provider. Fairfax told the ASX that the decision was triggered by reforms to legislation around the provision of financial advice.

If the deal goes through, Fairfax will continue to sell display advertising on the site.


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