A cross-practice team from Allen & Overy has played a key role in IOOF Holdings’ AUD1.44 billion acquisition of superannuation and wealth management business MLC Wealth, a subsidiary of National Australia Bank.
A&O’s advisory role spans all aspects of the deal, including due diligence, transaction structure, equity raising, debt funding and regulatory compliance.
A key feature of the deal, which is subject to ACCC and APRA approval, is funding via a jumbo AUD1.04 billion rights issue by IOOF, which was launched to institutional investors on 31 August 2020.
In addition to advising on this rights issue, the A&O team advised on a backstop facility and a subordinated note supporting the deal. It is also advising on ACCC and APRA compliance.
The deal demonstrated A&O’s sophisticated end-to-end deal advisory capability in a complex transaction that required many specialist A&O practice areas in Australia alongside the international A&O network across London, New York and Washington D.C..
A&O’s team on the deal comprised Managing Partner Jason Denisenko alongside Australian Partners Meredith Campion, Michael Parshall, Tony Sparks, Adam Stapledon, Mark Leemen, Michael Reede, Peter McDonald, Jason Gray, Michael Shepherd and Ka Sen Wong, working with an international team including U.S. Partners Chris Salter and Bill Satchell and London Partner Kate Sumpter.
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