Dentons has advised Kina Securities Limited (ASX:KSL) (Kina Bank) on its successful purchase of Westpac Group’s Pacific businesses subject to regulatory approvals and other conditions precedent.
One hundred per cent of Westpac’s branch operations and employees in Fiji and Westpac’s 89.91% stake in Westpac – PNG – Limited was sold to Kina Bank for up to AU$420 million.
The matter was led by Partner and Head of Dentons’ Port Moresby office, Stephen Massa, supported by Senior Associate Rachel Austin. Corporate Partner Kym Livesley, and Managing Associate Urvashi Seomangal, advised on the ASX and PNGX aspects of the transaction.
Commenting on the deal, Mr. Massa, who is one of Papua New Guinea’s leading lawyers, said Dentons was proud to have worked on yet another deal that would further strengthen the economic opportunities for the Pacific region.
“Dentons has had a continued presence in Papua New Guinea for more than 50 years. We are delighted to have supported Kina Bank in this deal that will help continue to secure the prosperity for PNG and the Pacific more broadly.”
The deal follows on from Dentons acting for Kina Bank earlier this year on its capital raising on the ASX and PNGX. Led by Kim Livesley, the capital raising raised approximately AU$90 million.
