Premier's Apparel Brands business will merge with Myer in a watershed deal
Arnold Bloch Leibler (ABL) is acting as legal counsel to Premier Investments on a $1bn watershed deal that will see its Apparel Brands business merged with Myer.
Under the terms of the binding share sale and implementation agreement, Myer will pick up Apparel Brands (Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E) in exchange for 890.5 million new, fully paid ordinary shares – representing 51.5% of Myer’s shares. Premier will also undergo a corporate restructure that will see Myer subsidiary Just Group become the owner of Apparel Brands as well as of $82m in cash, according to an ASX announcement.
Lead partner Jeremy Leibler said that the merger of the retail brands would “enhance opportunities for retail innovation and growth”.
“This is an opportunity for our team and our shareholders to play an important role in the future of the Australian and New Zealand retail landscape. Myer and our Apparel Brands will be stronger together – delivering vertical integration, scale, additional margins and loyalty opportunities”, Premier Investment chairman Solomon Lew said in the ASX announcement.
Lew will take a seat on the Myer board.
Senior associate Ari Bendet is helping Leibler lead the ABL team in working on this deal. They are supported by lawyers Ryan Taylor, Joel Chester, and Dominic Fajardo.
A multidisciplinary group of lawyers is also providing input on specific aspects of the transaction, including partner Gia Cari and senior associate Grace Cho (property); partner Bridget Little, senior associate Anna Sapountsis, and lawyers Julia Heyward and Edwina Lu (employment and workplace advisory); partners Zaven Mardirossian and Gabriel Sakkal (competition and regulatory); and partner Clint Harding and lawyer Danielle Ou (tax).
