Gilbert + Tobin (G+T) and
Baker McKenzie are acting as another Australian bank unloads business units.
Wealth manager IOOF, advised by G+T, is acquiring The Australia and New Zealand Banking Group’s (ANZ) OnePath Pensions and Investments and aligned dealer groups businesses for $975m. The acquisition is expected to be completed by late 2018.
Baker McKenzie acted in the $461m institutional placement, which closed this week, by IOOF to partially fund the acquisition. The global firm was the Australian and US counsel to Morgan Stanley, which was the sole underwriter of the offer.
The deal, which will make IOOF the second largest wealth advice business by both number of advisers and funds under advice in the country, is particularly complex, said G+T. The deal includes a 20-year partnership where IOOF will distribute wealth products through the ANZ network. In addition to the placement, the transaction involves the separation of the business from the larger ANZ group and satisfaction of relevant regulatory requirements.
G+T lead partner, Craig Semple, said that the firm is drawing on its mergers and acquisitions, technology, regulatory, banking, and equity capital markets practices for the deal.
Semple, along with lawyers Robert Sinni and Grace Chia, is advising on all aspects of the acquisition and is coordinating the firm’s efforts. Partner Tim Gole, special counsel Melissa Fai, and lawyer Clare Harris are advising on the strategic partnership, transitional services, and separation arrangements. Partners Paula Gilardoni and Gina Cass-Gottlieb are leading on regulatory matters, while and partner Simon Lynch and lawyers Jeff Browne and Andrew Kourpanidis are acting on debt arrangements. Partners Peter Cook and Alex Kauye are leading on capital raising matters, aided by lawyers Ana de Navi and Ciara Coleman.
The Baker McKenzie team was led by partner Craig Andrade, the firm’s Australian head of equity capital markets. He was assisted by partner Lauren Magraith and associate Ivo Basoski.
The deal follows the Commonwealth Bank of Australia’s sale of its CommInsure Life and Sovereign businesses in Australia and New Zealand. The
$3.8bn acquisition involved Debevoise & Plimpton,
Ashurst, Bell Gully,
Herbert Smith Freehills, and Russell McVeagh.
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