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Update: Euroz Hartleys Group Agrees to Sell Capital Markets Business to BMO Australia; Shares Up 4%

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(Updates to add stock movement in the headline and the last paragraph)

Euroz Hartleys Group's (ASX:EZL) Euroz Hartleys unit agreed to sell its Capital Markets business to BMO Australia, a subsidiary of the Bank of Montreal, for AU$145 million, according to a Tuesday filing with the Australian bourse.

Euroz Hartleys and BMO will also enter into an alliance agreement to maintain the relationship between the Capital Markets and Private Wealth businesses, the filing said.

The Independent Board Committee recommended that shareholders vote in favor of the transaction, in the absence of a superior proposal and subject to an independent expert continuing to conclude that it is in the best interests of shareholders, per the filing.

The company's shares rose 4% in recent Tuesday trade.

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