Australia’s largest super fund merger completed
Allens has advised on Australia’s largest super fund M&A.
Firms: Allens (First State Super)
Deal: Allens has advised First State Super on its successful merger with VicSuper, Australia’s largest super fund merger to date.
Area: Superannuation, M&A.
Key players: The Allens team consisted of Geoff Sanders (partner), Simun Soljo (partner), Stephanie Malon (managing associate), Michael Mathieson (senior regulatory counsel) and Katerina Dandanis (associate).
Corporate TMT partner Michael Park and tax partner Adrian Chek also assisted in the transaction.
Deal significance: Following the merger on 30 June 2020, FSS Trustee Corporation now manages over $125 billion on behalf of more than 1.1 million members from similar industries, such as education, healthcare and public service.
This complex transaction involved integrating two large established super funds and required navigating a number of novel regulatory aspects to assist the merged fund in achieving its vision of greater scale, an expanded national footprint and increased investment opportunities.
“The matter was a wonderful opportunity to work closely with the First State Super team over a long period of time and to play our part in a merger that marks a very significant milestone in the increasingly active consolidation of the superannuation sector – congratulations to everyone involved,” Mr Sanders said.
The First State Super merger builds on Allens’ specialist expertise in advising on super fund mergers or successor fund transfers and continues Allens’ track record of advising on the vast majority of major fund mergers in the superannuation industry in recent years.