CLAYTON Utz has advised ING Groep NV on the sale of its 51 per cent shareholding in ING Australia Limited and ING (NZ) Holdings Limited to its JV partner, ANZ.
This takes ANZ's shareholding from 49 per cent to full ownership of both companies.
Law firm Clayton Utz advised on all aspects of the transaction including sale documentation, brand transition and ING's ongoing business arrangements with ING Australia Limited.
Clayton Utz advised ING on the establishment of the A$3.75 billion ING/ANZ JV in Australia (2002) and parallel JV in New Zealand (2005), Clayton Utz was uniquely placed to advise on its unwind, the firm said.
While the sale documentation was of paramount importance, Clayton Utz said, some of the more complex aspects of the deal arose from negotiating the ongoing business arrangements between these ING entities and ING Australia Limited - for example, brand transition and ING Investment Management's role as preferred provider of investment management services. The deal is subject to regulatory approval.
Clayton Utz partners Michael Parshall, joint head of M&A, and Jacqueline Christie, a partner in M&A, lead the deal.
"This was critical in advising ING on which aspects of the relationship to retain, and which aspects to terminate. The ING brand is one of the most well-known and respected brands in the world so the discussions around transitional use of the ING brand and ultimate separation of the brand were complex and granular. Our team worked around-the-clock to achieve a very good outcome for ING and we look forward to advising them on their continuing Australian businesses," said Christie.