MinterEllison acted for Northill Capital on its acquisition of the international operations of Westpac Banking Corporation subsidiary Hastings Management.
The top firm advised on all Australian law aspects of the transaction, providing guidance on acquisition documents, financial services regulatory advice and the complex separation and multiple reciprocal transitional arrangements.
Hastings has funds under management of about $14.3bn in a portfolio of infrastructure debt and equity assets in the US, UK, Europe and Australia. Privately held Northhill has about $30bn of assets under management, the majority of which the company owns.
Financial terms of the deal remain confidential, but earlier reports from the Australian Financial Review and the Financial Times peg the deal to be worth between $160m and $200m.
“This is Northill's first deal in Australia, and the MinterEllison team worked very closely with Northill to provide strategic solutions throughout the transaction, in particular, regarding transaction structuring and mid-transaction changes in structure,” said Nathan Cahill, MinterEllison’s lead partner on the matter.
The deal involved a multi-jurisdictional team that working across multiple time zones with legal, financial, and tax advisers, he said. The firm used its expertise in regulatory, corporate, employment, and tax, as well as addressed complex licencing and Foreign Investment Review Board matters.
Cahill was supported by partners Ricky Casali, Gordon Williams, David Moore, James Momsen, and Stewart Robertson. They were assisted by senior associates Michael Scarf, Michael Mellon, and Mellissa Lai, as well as associate Sophia Bai.