MinterEllison is advising Vistra Group Holdings (BVI) Limited on its proposed $170 million acquisition of Mainstream Group Holdings Limited (ASX:MAI) by way of a scheme of arrangement.

Hong Kong-based Vistra provides advisory and administrative support to funds, corporates, capital market and private wealth clients across the globe.

Its proposed acquisition of Mainstream Group Holdings Limited, which provides fund administration services underpinned by investment in people, processes and technology, would enable Vistra to drive and accelerate further growth in its business.

MinterEllison is advising Vistra on all Australian legal aspects of the proposed scheme of arrangement. These include due diligence, seeking Foreign Investment Review Board approval, coordinating required foreign regulatory approvals, negotiation and entry into the scheme documentation and negotiation and entry into call options in support of the transaction from significant Mainstream shareholders.

MinterEllison has a long standing relationship with Baring Private Equity Asia, Vistra's majority owner, having previously advised on Baring's $1.2 billion take private of SAI Global.

"We're pleased to have assisted Vistra to arrive at this significant milestone on their proposed strategic transaction. The transaction has a number of novel, complex aspects, particularly given it crosses multiple jurisdictions and operates in a highly regulated industry. We look forward to continuing to support Vistra as it continues to grow its business," said Lead Partner Michael Scarf.

Mr Scarf was supported by others in the MinterEllison core team, including Michael Gajic (Partner), Suzie Losanno (Senior Associate), Kate Reagh (Associate), Dean Zinn (Associate), Emanuel Penklis (Associate) and Holly Robson (Lawyer), with specialist support from Richard Batten (Partner), David Moore (Partner), Gordon Williams (Partner), Mellissa Lai (Senior Associate), Katherine Giles (Senior Associate), Prayas Pradhan (Senior Associate), David Paterson (Associate), Ingrid Zhang (Associate), Sally Wong (Lawyer) and Serge Nassif (Lawyer).

Implementation of the Scheme is scheduled to occur in mid-June following satisfaction or waiver of various conditions precedent.