Bank of Queensland sells St Andrew’s Insurance for $23m
The Bank of Queensland has successfully sold St Andrew’s Insurance to Farmcove Investment Holdings for $23 million with assistance from Herbert Smith Freehills.
Firm: Herbert Smith Freehills (Bank of Queensland)
Deal: BigLaw firm Herbert Smith Freehills’ (HSF) private equity and venture capital team has advised Bank of Queensland on its $23 million sale of St Andrew’s Insurance to Farmcove Investment Holdings.
Value: $23 million.
Area: Private equity and venture capital.
Key players: The team was led by partner and head of venture capital Peter Dunne and assisted by consultant Elizabeth Henderson, senior associates Nick Alexander and Wendy Tian, and solicitor Raj Mathew from the Sydney and Brisbane offices.
Deal significance: Ms Henderson said the transaction is an important one for both Bank of Queensland and St Andrew’s Insurance that will facilitate the bank’s “targeted focus and simplified business model” going forward and position the insurance company as an “independent insurance business” supported by a private investor whose principal has “deep finance experience”.
“The team at Bank of Queensland worked hard to deliver this outcome and we were pleased to work with them,” Ms Henderson said.