Deal: Global family-backed private banking and asset management group LGT has acquired Crestone as it looks to expand its global presence and enter the Australian market. The transaction, which is subject to Crestone shareholder and regulatory approvals, is expected to complete in the first quarter of 2022.

Value: $475 million.

Area: M&A.

Key players: The matter was led by partner Felicity Saxon, who was supported by Justin Fox, Russell Philip, Katrina Sleiman, Fadi Khoury, Jack de Flamingh, Andrew Leadston, Mark McCowan, Cameron Rider, Simon Mifsud, James Morley, James North, Patrick O’Grady, and Steven Rice.

Deal significance: Speaking about the acquisition, Ms Saxon said: “This is a significant deal which gives LGT Group an important foothold in the attractive Australian wealth management market.

“As a complex cross-border transaction, tapping into the expertise from across Corrs has been crucial.”

LGT Private Banking chief executive Olivier de Perregaux said: “Crestone has a successful entrepreneurial team, an attractive client franchise and very promising further growth prospects.

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“This makes it an excellent strategic and cultural fit for LGT, and the intended transaction allows us to extend our already strong position in the Asia Pacific region. We very much look forward to welcoming Crestone, its employees and its clients to the LGT family.”