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Minters acts on speedy Ford sale
Minter Ellison has worked on the fast-moving Ford Credit Australia deal, which was started and finished in the space of a couple of months.
Kate Gibbs
MINTER Ellison has worked on the fast-moving Ford Credit Australia deal, which was started a finished in the space of a couple of months.
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Melbourne partner David Inglis picked up the $1 billion deal of the sale of Ford Credit Australia's retail portfolio by way of a contact, he told The New Lawyer.
Ford Credit Australia, the AUstralian lending arm of the US auto giant Ford Motor Credit Company, sold its retail portfolio to Macquarie Bank.
The portfolio comprised about A$1 billion worth of car loans and leases for about 60,000 cars. Management of the company will be progressively transferred to Macquarie and will be completed by January 2010.
In a speed appropriate for one of the world's leading auto giants, the sale "was an intensive negotiation over a short period of time", said Inglis. "We dealt with this really within a period of a couple of months."
Inglis said his firm is seeing increased activity coming out of the US and other parts of the world.
"That's not limited to the finance area, there are other areas with a bit of increased activity in dealing with assets of companies on the acquisition or the disposal side," he said.
Minters was acting for Ford Credit Australia, but also received instructions out of the head office for Ford Motor Credit Company in the US, he said.
This is not the first time the first has acted for Ford, but the deal came out of a contact Inglis had, he said.
Deacons acted for Macquarie Bank.
