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850k Australians expected to benefit from $65bn Mercer and BT Super merger
King & Wood Mallesons advised a merger between Mercer Australia and BT Super into the Mercer Super Trust to create a $65 billion superannuation fund, along with Mercer agreeing to acquire the Advance Asset Management business.
Adrian Suljanovic
Firm: King & Wood Mallesons (Mercer Australia)
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Deal: KWM has advised Mercer on the heads of agreement to merge BT’s personal and corporate superannuation funds.
Value: $65 billion
Area: Corporate
Key players: The KWM team was led by partners Nathan Hodge, Rhys Casey and Jim Boynton.
Deal significance: The deal will help more than 850,000 Australians invest in and support their retirements.
The merger is expected to provide Australians with better retirement outcomes. Affected members of this merger include clients with BT Super, BT Super for Life and Westpac Group Plan accounts. These super funds will be transferred into the Mercer Super Trust.
Supporting this team were senior associates Adrian Donato and Prue O’Sullivan, with additional specialist support by teams led by Kai-Chen Lamb on tax, Kirsten Bowe on separation, data and privacy, Ruth Rosedale on employment, Malcolm Brennan on FIRB, and Simon Cooke on competition.
Mr Hodge said: “This was a complex and fast-moving transaction and it was a privilege to partner with and support the Mercer team to execute a deal which is ultimately designed to deliver significant benefits to the superannuation members of both organisations.”
