IOOF, an Australian financial services company specialising in investment and superannuation management, acquired financial services solutions provider DKN by way of scheme of arrangement.

The Bakers team was led by corporate partner Richard Lustig and general associate Simon Schenkel, along with partner Alex Wolff and senior associate Helen Joyce. The team worked closely with financial adviser Macquarie Capital (Australia) Limited on the transaction.

Lustig said more transactions involving financial services companies will be seen as the market continues to consolidate.

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"With increasing market consolidation in this area and in light of industry regulatory changes, we can expect to see more transactions in the financial services industry, particularly in the small to mid-cap end of the market," he said.

Lustig also said the structure of this particular transaction was interesting in the way that it provided flexibility without there being an options scheme, "but still in a way which preserved capital gains tax rollover relief".

Melbourne corporate partner Peter Stirling led the Blakes team and was assisted by Ben Langford and Aaron Shute.