HSF advised The Ardonagh Group while Maddocks supported PSC Insurance
Herbert Smith Freehills (HSF) and Maddocks have confirmed their roles in the proposed $2.3bn acquisition of PSC Insurance Group Limited via scheme of arrangement.
HSF advised The Ardonagh Group, of which buyer Envest is a subsidiary, while Maddocks supported PSC.
“The transaction demonstrates the capacity of private equity sponsors and their portfolio companies to undertake large-scale Australian public M&A in the current environment”, HSF co-lead partner Adam Charles said.
Co-lead partner Baden Furphy added that the deal was “a significant and important transaction for Ardonagh and PSC, as well as for the insurance markets in both Australia and the UK”.
Maddocks said that Ardonagh Group will acquire all PSC shares for cash and a combination of cash and equity in relation to some members of senior management. The expected completion of the deal is set for September.
Maddocks also confirmed that participation of Goldman Sachs in the transaction.
Corporate Partner Catherine Merity helmed the Maddocks team with support from senior associates Suzette Caldaroni and Tanja Maley, as well as lawyer Max Padley.
Charles and Furphy led HSF’s Australian team on the transaction. They received support from lawyers Zoe Leyland, Mark Simkiss, Sarah Ward, Freeman Chen, Nancy Darmanin and Darcy James. Partners Shaun Lee and Barney Hinnigan spearheaded the UK team with support from Tim Coorey, Adam Goddard, Jen Xue, Alexander Field and Charlotte Williams.
