Clayton Utz has announced that it is currently advising independent securities firm Patersons Securities Limited on its acquisition by an Australian subsidiary of global financial services firm Canaccord Genuity Group Inc.
Patersons' wealth management business has more than $13.6 billion in client assets under advice, and its acquisition by Canaccord is expected to create a major Australian capital markets, stockbroking, and wealth management business.
The firm is presently advising on the deal’s proposed scheme of arrangement. The total consideration payable under the scheme is $25 million, with $0.015 per share to be escrowed for a period of time. The implementation of the scheme is subject to various conditions, including the approval of Patersons shareholders and the courts.
Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale are leading the firm's team, with support from Benjamin Depiazzi and Matthew Johns.