Allen & Overy advises Lloyds Banking Group on the sale of select Australian businesses
Allen & Overy has acted as joint legal adviser with Minter Ellison to Lloyds Banking Group in respect of the sale of select Australian businesses. The group has agreed the sale of its Australian asset finance business, Capital Finance Australia, and its corporate loan portfolio, BOS International Australia, to Westpac Banking Corporation for approximately AUD1.55bn (£920m).
The consideration includes approximately AUD1.45bn for the shares in the operations and approximately AUD100m for the market value of derivative contracts.
The sale comprises a motor vehicle finance book of AUD3.9bn, an equipment finance book of AUD2.9bn and a corporate loan portfolio of AUD1.6bn.
The sale was a complex transaction run as a competitive bid process and required experience and knowledge not only of M&A but of debt capital markets, securitisation, derivatives and regulatory matters.
The Allen & Overy team was led by Michael Parshall. The Lloyds Group is one of Allen & Overy’s major global clients.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
The ITC has reaffirmed its power to ban electronic transmissions from the US where those transmissions infringe an intellectual property right or are otherwise based on an unfair trade practice.
A new French law, the ‘Law to recapture the real economy’ (‘Loi visant à reconquérir l’économie réelle’ or ‘Loi Florange’), was made on 1 April 2014.
Analysis from The Lawyer
Imagine you’re the general counsel of London-based private equity investor BC Partners. You’re sipping on your coffee, hashing out the details of your imminent £382m investment into UK-based business publishing company Mergermarket.
‘Exotic’ investors and opportunities for legal work beyond M&A feature in The Lawyer’s high-level roundtable debate on south-east Europe