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ANZ completes $3.5bn capital raise in acquisition of Suncorp
As part of Australia’s biggest banking sale in more than a decade, ANZ has completed a $3.5 billion equity capital raise and acquired Suncorp Bank.
Lauren Croft
Firm: King & Wood Mallesons (ANZ), Herbert Smith Freehills (Suncorp Group Limited)
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Deal: King & Wood Mallesons has advised ANZ on its $3.5 billion equity capital raising to help fund ANZ’s acquisition of Suncorp Bank. Herbert Smith Freehills advised Suncorp Group Limited on the execution of the landmark transaction.
Value: $3.5 billion
Area: Banking and finance, merger and acquisition
Key players: The team was led by partners Joseph Muraca and Jack Hill with support from Caroline Tait, Stacey Stellatos, Sharee Darwinkel, James Atcheson and Conor O’Sullivan, among others.
The HSF team was led by corporate M&A partners Matt FitzGerald and Tony Damian, with Kristin Stammer advising on intellectual property aspects, Linda Evans advising on competition aspects, Charlotte Henry on banking regulatory aspects, Drew Pearson on employment aspects, Ian Reid on separation, with lead M&A senior associates Caitlin Walker, Lucinda Grant and Amelia Morgan supporting the M&A aspects of the transaction.
HSF also worked with Suncorp’s legal team headed by general counsel Belinda Speirs, corporate advisory executive manager David McManus, bank advisory executive manager Tarnya North and senior corporate lawyers Andrew Phillips and Laura Steele.
Deal significance: The equity raising — structured as an accelerated renounceable entitlement offer with retail entitlements trading — is the largest equity capital raising in Australia this year and one of the largest ever rights issues in Australia. It builds on KWM’s longstanding relationship with ANZ (KWM having acted on all of ANZ’s retail hybrid security offers over the past decade) and KWM’s premier track record of advising on many of Australia’s largest secondary capital raisings.
Reflecting on the transaction, KWM said: “We are absolutely delighted to partner again with ANZ on its most significant transaction since it acquired ANZNZ. It was an honour to be considered one of their team, working seamlessly together to achieve a great outcome for the bank.”
From HSF, Mr FitzGerald noted: “It was wonderful to again work closely with Suncorp’s legal and business development team on an M&A deal of this size and scale. We congratulate the Suncorp team on reaching the signing of this landmark transaction.”
