Deal: Allens and King & Wood Mallesons (KWM) have advised Sunsuper and QSuper, respectively, on the landmark merger of the two super funds to create the Australian Retirement Trust.

Value: N/A

Area: M&A

Key players: The Allens team was led by partners Michelle Levy and Marc Kemp, supported by senior regulatory counsel Michael Mathieson, funds counsel Eve Regnard, senior associate Ally Crowther, associate Matt Wedgwood, and lawyers Wayne Kwok and Sophie Leitch.

The KWM team was led by partners Sarah Yu and Rhys Casey, with support from senior associates Nita Alexander and Prue O’Sullivan. Additional support was provided by partners Kai-Chen Lamb, Emma Costello, Simon Cooke and Bryony Evans, as well as special counsels Mandy Tsang and Jasmine Forde.

Deal significance: The landmark merger will form the country’s second-biggest superannuation fund. The merged entity, Australian Retirement Trust, will have over 2 million members and more than $200 billion in funds under management.

Ms Levy said the merger is part of an emerging trend in the superannuation industry.

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“We have seen consolidation in the industry pick up as superannuation funds focus on the benefits to members of scale. This is the most significant and complex superannuation transaction we have seen to date and we are pleased to have acted for Sunsuper through the process.”

Commenting on the transaction, Ms Yu added: “This is an exciting deal. Both funds are strong industry players who saw the value they could deliver to their members by merging – it is very rewarding to help them achieve that.

“The boards have had the unwavering focus of a fiduciary on the best financial interests of members and it has been exciting to partner with the Deanne Wilden led QSuper legal team to design and deliver a merger to achieve this.”