Minter Ellison has acted as legal adviser to Insurance Australia Group (IAG) on its acquisition of the Australian and New Zealand insurance underwriting businesses of Wesfarmers. The advisory was led by Sydney head of M&A James Philips, with partners Mark Standen and Christopher Brown.
The team included partners Paul Schoff and Daniel Scotti, plus senior associates Louella Stone and Martin Wright. Also involved were Richard Batten, Maged Girgis, Gordon Williams, Anthony Lloyd, Pam Madafiglio, Karen Payne, Nathan Deveson and Rhys Guild and their respective teams, as well as senior associate Kiri Purdy.
The AUD1.845bn (£1bn) transaction will see IAG acquire the WFI, Lumley and Affinity & Direct insurance businesses in Australia and the Lumley business in New Zealand. Wesfarmers’ insurance broking businesses are not included in the transaction.
The acquisition is expected to deliver significant long-term value for IAG shareholders and unlock further growth potential for IAG’s businesses in Australia and New Zealand.
It will be funded through a combination of ordinary equity, subordinated debt and internal funds and is subject to the necessary regulatory approvals. It is expected to be completed in the second quarter of calendar 2014.