Deal: Perpetual Limited was advised on entering into a scheme implementation deed in the acquisition of 100 per cent of Pendal’s shares, with Pendal shareholders holding approximately 47 per cent of the combined entity of $201 billion. 

Value: $2.5 billion equity value, $2.3 billion enterprise value

Area: Mergers and acquisitions.

Key players: The Herbert Smith Freehills team was led by chair and senior partner Rebecca Maslen-Stannage and HSF partner Malika Chandrasegaran, with support from executive counsel James Shirbin, senior associate Samuel Moran, and solicitors Carla Ayoub and Jonathan Wu. 

The King & Wood Mallesons (KWM) team was led by partner Rob Kelly and included M&A partners David Eliakim and David Friedlander, with support from senior associate Ned Sutton.

The Perpetual legal team was led by general counsel Jessie Moodley.

Deal significance: The scheme will implement Pendal’s businesses to increase global distribution capabilities and create a combined assets under management (AUM) of $201 billion. 

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Perpetual was advised by Herbert Smith Freehills to acquire 100 per cent of Pendal shares by way of a scheme of arrangement. 

“We have worked closely with the Perpetual team over a number of years and it is a privilege to be working alongside them again on this defining transaction. We have been very impressed by the hard work and dedication of the dynamic Perpetual team in getting to this milestone,” Ms Maslen-Stannage said. 

Rob Kelly said that KWM assisted Pendal in reaching the agreement “by working closely together through an extensive due diligence and negotiation process at a challenging time for global markets and the funds management industry”.

The acquisition is expected to be completed late 2022 or early 2023 with the approval of Pendal shareholders.