ASX-listed Equity Trustees will acquire Australian Executor Trustees (AET) – a business it has competed with since the late 19th century and has reportedly tried to buy for at least the past two years.

Equity Trustees (EQT) on Monday announced it would acquire all of the shares in AET from Insignia Financial in a $135 million transaction foreshadowed by The Australian Financial Review’s Street Talk column last week. The acquisition is subject to ministerial approval.