IOOF (ASX:IFL) share price higher on transformational acquisition update

The IOOF Holdings Limited (ASX: IFL) share price is on the move this morning.

At the time of writing, the financial services company’s shares are up 1.5% to $3.59.

Why is the IOOF share price climbing?

Investors have been buying IOOF’s shares following the release of an announcement after the market close yesterday.

That announcement reveals that the company’s “transformational” acquisition of the MLC business from National Australia Bank Ltd (ASX: NAB) is progressing well.

The agreement to acquire MLC for $1,440 million, which was announced in August 2020, was subject to the satisfaction of certain conditions precedent. One of those conditions was the receipt of approval from the Australian Prudential Regulation…



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