Dentons advises Pepper Money in Australia’s biggest transaction of 2026 – Blackstone’s acquisition of HSBC’s A$36 billion loan book

Australia—Dentons has advised Pepper Money Limited (Pepper Money) in “one of the largest ever mortgage portfolio transactions”¹ – private equity firm Blackstone’s acquisition of HSBC’s A$36 billion loan book. Pepper Money will act as the servicer of the loan portfolio on Blackstone’s behalf.

Pepper Money is one of Australia’s leading non-bank lenders and a long-standing client of Dentons.

Dentons provided regulatory due diligence and strategic advice, which was relied upon by both Pepper Money and Blackstone. Dentons will continue providing regulatory advice on the matter until completion in 2027.

The Dentons’ team was led by Banking and Finance Partner David Carter, and consisted of Partner Toby Blyth, Senior Associate Timothy Masters, Associates Eisha Farrukh, Marissa Parel, Harriet Whiteley, Sinead Cronin, and Solicitors Sotiris Haris and Axel Melkonian.

Partner David Carter said, “This is a landmark transaction for the Australian financial services market and one of the largest mortgage portfolio deals undertaken in the country. We were delighted to support Pepper Money by providing regulatory due diligence and strategic advice on a transaction of this scale and complexity. This matter highlights the importance of deep regulatory expertise in helping clients navigate complex acquisitions and servicing arrangements with confidence. We look forward to continuing to support Pepper Money and the broader transaction stakeholders as the matter progresses towards completion.”

This transaction continues Dentons long term relationship as a key advisor to Pepper Money including most recently advising and conducting due diligence on Pepper Money’s acquisition of the $15.38 billion RAMS portfolio from Westpac. The RAMS portfolio work was led by Banking and Finance Partner Elise Ivory and assisted by Senior Associates Jenny Chen and Eleni Tambassis, and Associates Eisha Farrukh and Marissa Parel.

Commenting on the relationship with Dentons, Pepper Money’s General Counsel John Williams said, “Pepper Money and Dentons have a great long-standing relationship. We found the Dentons team to be invaluable in their assistance to us with the HSBC and RAMS transactions.”