TORONTO - Canaccord Genuity Group Inc. has struck a deal to acquire Australian financial services firm Patersons Securities Ltd. for roughly $23 million in cash.

The Melbourne-based securities business has operations in wealth management and capital markets.

Canaccord chief executive Dan Daviau says the addition of Patersons is part of its strategy to increase the scale of its wealth management operations and improve its business mix in Australia.

The Canadian financial services firm said the transaction was conducted through its Australian operation, Canaccord Genuity Australia.

The deal is subject to various conditions, including shareholder and court approval and is expected to be completed during the quarter ended Dec. 31, 2019.

Cash consideration of $25 million Australian dollars or 23.55 Australian cents per share, amounting to roughly $23 million, will be paid upon closing.