CBA advised on $3.3bn sale of stake in CFS
Commonwealth Bank of Australia has been advised on the sale of its 55 per cent stake in Colonial First State to a global investment firm.
Firm: Herbert Smith Freehills (CBA).
Deal: CBA has sold its 55 per cent stake in super, investment and retirement products provider Colonial First State to global investment firm KKR.
Value: $3.3 billion, with CBA receiving cash consideration of approximately $1.7 billion.
Key players: The HSF team was led by partners Tony Damian and Nicole Pedler, who were supported by private equity partner Clayton James and senior associate Li-Lian Yeo, corporate partner Rob Bileckij, corporate senior associates, Jayne Walker and William Hickey and solicitor Jennifer Xue, IT partner Kwok Tang and senior associate Kirk Boladeras, IP special counsel Amalia Stone; funds and financial services consultant Ruth Stringer, and finance partner Erin Wakelin and executive counsel Amelia Fleming.
Greenwoods & Herbert Smith Freehills, led by partners Andrew Hirst and Ryan Leslie, also advised on the tax aspects of this transaction.
Deal significance: Mr Damian said he was “delighted” to have supported CBA in this “milestone transaction”.
“This transaction involved an array of challenges and high intensity, in a time of sweeping change [amid] the COVID-19 pandemic. I am very proud that the team has successfully managed these challenges to support our valued client CBA,” he said.