NAB sells MLC wealth management business for $1.44bn

National Australia Bank has been advised on the sale of its MLC wealth management business to IOOF Holdings.

Reporter • 03 September 2020 • Big Law

Firm: King & Wood Mallesons (National Australia Bank).

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Deal: NAB has sold its MLC wealth management business to IOOF Holdings Ltd. Subject to the timing of regulatory approvals, completion of MLC’s sale to IOOF is expected to occur before the middle of calendar year 2021.

Value: $1.44 billion.

Area: M&A.

Key players: The KWM team was led by M&A partner Diana Nicholson, supported by a deep multidisciplinary team including partner Will Heath and senior associates Jack Hill and Rebecca Williams.

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Deal significance: Commenting on the deal, Ms Nicholson said: “KWM is delighted to assist NAB in realising this deal, which reflects a long-term commitment to this project. The result is a transaction structured to meet NAB’s objectives, something we take great pride in.”

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