Two firms have advised on the sale of a corporate trust business for $51.6m.
Allens advised Sargon Capital in its acquisition of Australian Executor Trustees Corporate Trust (AET Corporate Trust) from IOOF Holdings, which was advised by Lander & Rogers.
AET Corporate Trust is one of the largest non-government professional trustee service firms. It has more than $32bn in funds under supervision.
“We have been working closely with IOOF over the last few years in preparation for this sale, including seeking variations and new financial services licences, and advising in relation to the transfer of contracts and underlying trust assets,” said Jackie Solakovski, the lead partner of the deal.
Solakovski, who heads the corporate M&A practice of the firm, was supported by partner Terry Brigden of the corporate financial services group. Senior associate David Cinque and lawyers Jimmy Wang and Joann Yap also provided advice.
Lander & Rogers said that providing corporate trust services to the financial services sector is a specialist area that is outside of IOOF’s advice-led wealth management focus. IOOF retains its AET Private Trust business as it focuses on its core expertise.
The national firm said that it advised IOOF on its pre-completion internal restructuring, and the preparation and negotiation of transaction documents, including a transitional services agreement.
“The transaction was complex and required variations and new financial services and credit licences and a restructure of the business, including advice in relation to the transfer of contracts and underlying trust assets,” it said.
The firm continues its work with the post-completion transfer of contracts and underlying trust assets.