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Michael Parshall

Partner

Sydney

Parshall Michael
Michael Parshall

Partner

Sydney

Michael is one of Australia's leading corporate lawyers with significant experience in public and private M&A, capital raising, restructuring and corporate advisory matters. He has more than 20 years' experience advising significant listed and unlisted clients including AUB Group, CYBG, HSBC, Illyria, ING, Lloyds, Liberty Global, Macquarie, MS&AD, Pendal (formerly BTIM), PTT and State Grid of China.  He is widely recognised for his skill in developing deal structures.

Michael has been a pioneer of a number of firsts in M&A transactions including: the first (legal) pre-bid through 20% takeover threshold (rules since changed) (Brookfield-Multiplex); the first listed structure to adopt see-through voting (Canwest-Ten); the first design of scheme proxy to crash through "takeover-proof" constitution (Advance-St George); the first Australian cross-jurisdictional equity swap (Liberty Media in relation to the News Corp reincorporation, leading to the News Corp rights plan being invoked); the first (and second) corporatisation of a listed stapled security via schemes of arrangement (MMG and Asciano); the first three (out of only four in the Australian market) cut-off reinsurance schemes of arrangement.

Michael is consistently recognised as a leading individual in all major directories, including Chambers Global, Corporate M&A and the Asia Pacific Legal 500 where Michael is ranked as a Leading Individual for Corporate/M&A. Michael was recognised as Lawyer of the Year in Corporate Law, Sydney by Best Lawyers Australia, 2020 edition.  Michael is ranked as a band 2 lawyer in Chambers Asia Pacific Guide, Corporate/M&A, 2019.  He is respected by peers for his "very strong practice" and described as "a partner renowned in his field for his depth of experience and so knowledgeable that he sees things twelve steps ahead" as well as being "very highly regarded for financial services-related transactions in particular."

Other noteworthy experience includes advising:

  • Liberty Global on the AUD1.9bn Austar – Foxtel merger.
  • PTT Company Limited on its AUD540m scheme of arrangement to acquire Straits Resources Limited following the demerger of its metals business into a separate ASX listed company.
  • RP Data Limited on its AUD250m scheme of arrangement when it was acquired by CoreLogic, Inc.
  • SAB Miller in relation to its AUD12.3bn of arrangement scheme to acquire Foster's Group Limited.
  • Illyria in relation to the proposed restructure of national free to air broadcaster, Ten Network, via a deed of company arrangement as part of a dual administrator/receiver led sales process.
  • Pendal Group (formerly BT Investment Management) in relation to its GBP209m acquisition of J O Hambro Capital Management, its AUD 232m entitlement offer and AUD 780m sell down by Westpac in the company.
  • Clear Channel International on the AUD308m sale of its 50% interest in Australian Radio Network and the separate AUD268m sale of its Adshel interests to APN (now HT&E).
  • ING Groep NV on the AUD1.8bn sale of its 51% shareholding in the ING - ANZ Australia Limited and ING (NZ) Holdings Limited to ANZ, establishing the AUD3.75bn ING/ANZ joint venture, the AUD4.5bn sale of its white labelled residential loan book, the AUD765m sale of its general insurance businesses to QBE, the private acquisition of Oasis Asset Management and FSP group.
  • Lloyds Banking Group on its AUD1.55bn sale of its wholesale banking and corporate leasing businesses to Westpac Banking Corporation.
  • Clydesdale Bank on its AUD5.5bn demerger from NAB, its listing on the ASX and LSE and the associated IPO by NAB.
  • MS&AD on the acquisition of its 15% interest in and strategic alliance with Challenger Group Limited.

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How are government national security probes affecting technology transactions across the world?

The tightening of controls on foreign direct investment (FDI), on national security or national interest grounds, is having a significant impact on technology transactions – a trend that is only…

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Restructuring, liquidation and solvent dissolution options in Australia

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News: 02 October 2020

A&O named Cross-border M&A Legal Adviser of the Year at the Mergermarket Australia M&A Awards 2020

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Experience highlights

Office

Sydney

Allen & Overy
Level 25, 85 Castlereagh Street
Sydney
NSW 2000

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Qualifications

Professional

Registered Foreign Lawyer, England and Wales, 2010

Admitted as a solicitor, New South Wales, Australia, 1989

Academic

Master of Laws, The University of Sydney, 1993

Bachelor of Laws, The University of New South Wales, 1989

Bachelor of Commerce, The University of New South Wales, 1989

Pro-bono experience

Advising indigenous Karrkad-Kanji Trust on structures and governance related issues

Recognition

Awards

Lawyer of the Year in Corporate Law, Sydney

Best Lawyers Australia, 2020 edition