Financial Services Mergers and Acquisitions

Minter Ellison’s dedicated M&A team specialises in transactions affecting financial services organisations, managed investment schemes and investment funds. As industry experts, we add significant value in due diligence and broader issues of risk identification and allocation, and work closely with our experts in competition law, real property, tax structuring and acquisition finance.

Our M&A team is experienced in the negotiation and execution of transactions affecting ADIs, general insurers, life insurers and regulated non-operating holding companies, including transactions affecting statutory funds, debt portfolios and insurance portfolios. Our expertise also relates to the regulatory and corporate governance issues often arising in transactions involving regulated institutions.

Our team advises in transactions affecting the control of wealth management organisations and managed investment schemes, the transfer of management rights, the merger and reconstruction of managed investment schemes through schemes of arrangement and the demutualisation of life insurers, building societies, credit unions and friendly societies.

A$1.6 billion Lloyds Banking Group sale of Capital Finance and BOS International Australia

Minter Ellison and Allen & Overy acted as joint legal advisers to the Lloyds Banking Group on the sale of its Australian asset finance business, Capital Finance Australia Ltd (CFAL), and its corporate loan portfolio, BOS International Australia Ltd (BOSI) to Westpac Banking Corporation for approximately A$1.55 billion in total. The sale comprises a motor vehicle finance book of A$3.9 billion, equipment finance book of A$2.9 billion and a corporate loan portfolio of A$1.6 billion. As part of the above, we advised in relation to all matters arising from the sale of the seven Bella securitisation transactions. We also advised on the novation and valuation mechanisms in relation to a large number of derivatives exposures. It is very unusual in the Australian market for a bank to completely sell down its participation in its sponsored securitisation programme, and its full derivatives book. We also provided Australian competition law advice. The transaction was time critical and the merger parties worked extensively with the ACCC to address concerns raised in its initial market enquiries and obtained clearance for the transaction within 39 review days, without the ACCC releasing a Statement of Issues.