Deal: IOOF Holdings has sold its Australian Executor Trustees (AET) Corporate Trust business to Sargon Capital.

Value: $51.6 million

Area: M&A

Key players: The Lander & Rogers legal team was led by partner Jackie Solakovski, with assistance from partner Terry Brigden, senior associate David Cinque, and lawyers Jimmy Wang and Joann Yap.

Deal significance: AET Corporate Trust is described as one of Australia’s largest and most experienced non-government providers of professional trustee services, with more than $32 billion in funds under supervision.

“The provision of corporate trust services to the financial services industry is a specialist area — it sits outside of IOOF’s advice-led wealth management focus and is strategically aligned to Sargon’s mission to enable institutions and entrepreneurs to build better funds and financial products,” a statement from Landers said.

Commenting further on the transaction, partner and practice group leader, Jackie Solakovski said: “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”.

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“We are delighted to have assisted IOOF in the sale of the corporate trust business to Sargon. The deal is another example of our M&A work in the financial services sector and the work of our financial services team, led by partner Terry Brigden, which was critical to this deal.”