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Big Law

US financial provider acquires Australian-New Zealand business

A cross-border acquisition has seen an Australian and New Zealand commercial distribution business sold to an American financial services company listed on the NYSE.

August 10, 2016 • By Emma Musgrave
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Peter Stirling
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Firms: King & Wood Mallesons (General Electric); Baker & McKenzie (Wells Fargo)

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Deal: Wells Fargo has acquired General Electric’s (GE’s) Commercial Distribution Finance business in Australia and New Zealand.

 
 

Value: Undisclosed

Area: M&A

Key players: The team advising GE was led by KWM M&A partner Peter Stirling (pictured), with assistance from senior associate Michelle Siekierka. Partner Andrew Maynes advised on the banking aspects of the acquisition, supported by senior associate Llon Riley.

Deal significance: Listed on the NYSE, Wells Fargo delivers banking, insurance, investments, mortgages, and consumer and commercial financial services.

Its acquisition of GE’s Commercial Distribution Finance (CDF) business in Australia and New Zealand includes all CDF assets, 123 team members across five sites in Australia, along with seven team members across two sites in New Zealand.

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“We are delighted to continue our longstanding relationship with GE by supporting them on this transaction, which is an important step in their strategy of moving to a smaller, safer financial services company,” said Mr Stirling.

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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