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LGT buys financial consultancy for $475m

Financial consulting firm Crestone has been acquired by a global private banking and asset management group, in a deal worth $475 million.

user iconLauren Croft 23 September 2022 Big Law
LGT buys financial consultancy for $475m
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Firm: Allens (Crestone)

Deal: Allens has advised Crestone Wealth Management (Crestone) on its $475 million acquisition by global private banking and asset management group LGT Group (LGT).

Value: $475 million


Area: Merger and acquisition

Key players: The Allens team was led by M&A partner Tom Story, with senior associates Joy Yoon and Georgie Leahy and associates Krish Nadarajah and Bryanna Workman, as well as assistance from the funds and disputes and investigations teams.

Deal significance: Crestone was established in 2016 following a management buyout at UBS Wealth Management’s Australia unit and provides wealth advice and portfolio management services to high-net-worth clients, family offices, non-for-profits and financial institutions.

The acquisition was implemented by way of scheme of arrangement in May this year, with eligible shareholders entitled to upfront consideration and the right to receive a future earn-out payment, contingent on the satisfaction of certain performance targets.

Allens lead partner Tom Story said the firm was “pleased to have advised Crestone on this significant deal”.

“With the backing of the world’s largest family-owned private banking and asset management group, Crestone is set to go from strength to strength,” he said.

“This acquisition reflects the emerging trend of offshore players moving into the Australian wealth management sector. We have enjoyed working with the Crestone team to implement this complex and novel transaction, following our work on the establishment of the business in 2016.”

Crestone chief executive Michael Chisholm said of the transaction: “Now as a part of the world’s largest family-owned wealth management firms, we can offer Australian clients the very best global investment opportunities. We’re grateful to Allens for helping us bring this unique proposition to the market.”

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