Allen & Overy wins Equity Market Deal of the Year for Westpac’s AUD2.7 billion capital raising at the 2020 Australasian Law Awards
20 August 2020
Allen & Overy acted as U.S. counsel to Westpac on the capital raising, which was the largest Australian equity deal of 2019. The A&O team was led by Partner Mark Leemen and Counsel Cécile Baume.
The transaction comprised a fully underwritten AUD2.0 billion institutional placement to sophisticated and institutional investors in Australia and certain overseas jurisdictions, and a non-underwritten share purchase plan to eligible Westpac shareholders in Australia and New Zealand. The share purchase plan raised AUD 770 million.
Mark Leemen, lead partner on the transaction, said: “Our capital markets team is proud to have advised Westpac on its highly successful capital raising, assisting one of Australia’s leading banks to execute an important and timely transaction. I’d like to congratulate all involved, particularly our friends and colleagues at Westpac.”
The transaction extended A&O’s track record of advising on significant Australian equity capital markets transactions in recent years. The firm has gained a strong reputation for effectively drawing on its international capital markets team’s extensive experience advising Australian issuers on their U.S. capital raisings and acting for foreign private issuers whose shares are registered with the U.S. Securities and Exchange Commission.
Jason Denisenko, Sydney Managing Partner added: “We’re delighted that our role advising on this transaction has been recognised in the 2020 Australasian Law Awards. This is the fourth successive year that A&O has won the highest honours in the Australasian Law Awards for our involvement in ECM transactions. That speaks to the calibre of our ECM team and the depth and breadth of our client relationships in this field.”
Allen & Overy was also commended with Excellence Awards in the M&A Deal of the Year and Energy and Resources Deal of the Year categories for its role on Tilt Renewables’ sale of the Snowtown 2 Windfarm, Woolworths’ sale of its petrol business to EG Group and the Kalium Lakes Beyondie Sulphate of Potash Project, respectively.
The Australasian Law Awards are hosted by Asia-Pacific legal trade publication Australasian Lawyer, are open to lawyers from Australia and New Zealand and are noted to recognise the biggest deals in the legal sphere throughout the year.