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Allen & Overy advises IOOF on its AUD1.44 billion acquisition of MLC Wealth

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Denisenko Jason
Jason Denisenko

Partner

Sydney

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Meredith Campion

Partner

Perth

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Parshall Michael
Michael Parshall

Partner

Sydney

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Tony Sparks

Partner

Sydney

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Adam Stapledon

Partner

Sydney

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Leemen Mark
Mark Leemen

Partner

Sydney

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Reede Michael
Michael Reede

Partner

Sydney

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Peter McDonald

Partner

Sydney

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Gray Jason
Jason Gray

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Sydney

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Shepherd Michael
Michael Shepherd

Partner

Sydney

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Wong Ka Sen
Ka Sen Wong

Partner

Sydney

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Salter Chris
Chris Salter

Partner

Washington, D.C.

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Satchell Bill
Bill Satchell

Partner

Washington, D.C.

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Sumpter Kate
Kate Sumpter

Partner

London

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03 September 2020

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.