Deal: Norton Rose Fulbright (NRF) advised Connective Group on its merger with ASX-listed financial solutions company Australian Finance Group.

Value: $120 million

Key players: The NRF team was led by corporate M&A partner Jasmine Sprange and restructuring partner Alex Mufford. Special counsel Bernie Walrut, Sarah Chen, senior associate Oliver Kabongo and associates Michael Phillips and Liya Wu supported. An additional support was given by partners, including Belinda Harvey.

Deal significance: The merger creates a national mortgage distribution network, with more than 6,575 brokers and combined mortgage settlements of $76 billion in financial year 2019.

The transaction is conditional upon validation and approval from a court, Connective Group stakeholders, the Australian Competition and Consumer Commission and AFG shareholders. Upon completion, the deal will expand AFG’s distribution channel and the diversification of products for its brokers and consumers.

NRF advised Connective Group on all aspects of the transaction, including negotiation of a suite of bespoke transaction documents, due diligence and navigating a range of other complex issues arising from the transaction.

Mr Mufford and Ms Sprange commented: “We are pleased to have advised Connective Group on this transaction to merge its business with Australian Finance Group to the benefit of its brokers and their customers.

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“The deal has been multifaceted and gave us the opportunity to combine our skills across M&A, restructuring, competition and a number of other specialist areas. We look forward to working with stakeholders toward satisfying the deal conditions.”

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