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Online loan platform Auscred Limited (Lendi) has been advised on its merger with CBA’s Aussie Home Loans business.
Firm: Ashurst (Lendi).
Completion of the transaction is subject to a number of conditions, including ACCC clearance.
Value: Lendi shareholders will hold the majority shareholding of 55 per cent in the merged business, while Aussie’s current owner, CBA, will hold a 45 per cent shareholding and continue to provide funding for the Aussie Select branded home loan product.
Area: Corporate.
Key players: The Ashurst team was led by partner Anton Harris, with assistance from a “large number of partners and lawyers across the firm’s corporate transactions, tax, regulatory, digital economy, intellectual property, competition, employment, property, insurance and banking teams”, the firm said.
Deal significance: Speaking about the merger, Mr Harris said the firm is “delighted to have been Lendi’s trusted advisers over a number of years, and to have acted across a number of transactions including a proposed IPO and then this significant merger which serves as a great milestone in the Lendi business which started as a market disrupter in 2013.”
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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