Aussie Home Loans' John Symond Set To Pocket $185 Million in Shares From Sale Of Business: Report

Photo:

The face of Aussie Home Loans John Symond appears to have reaped $185 million after CommBank purchased a major share of the business, which was set up to take on the big banks.

According to Fairfax Media, Symonds received the multi-million dollar pay-day in Commonwealth Bank shares.

While the price of the deal — which saw CommBank increase its ownership to 80% — had previously been undisclosed, Clancy Yeats at Fairfax has reported investors were told today nearly 2.75 million new shares were issued in relation to a December 2012 deal with Symond and a company he owns, Dawnraptor Pty Ltd.

Fairfax reports the deal being referred to is the sale of Aussie to CommBank, and CommBank paid Symond mainly in stock for the expanded stake in Aussie.

More here.

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.