Login
Bluestone deal attracts blue-chip firms
Addisons and Allens were the Australian law firms that acted on a deal that also attracted many international firms.
Digital
Firms: Addisons (Australian advisers to the Bluestone Group); Allens (Australian advisers to LDC); Linklaters (UK advisers to LDC); Mills & Reeve (UK advisers to Bluestone).
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: Bluestone sells significant stake to LDC
Area: Financial Services
Value: Around $120 million
Key Players: Jeff Mansfield (pictured), a 10-year partner at Addisons, led his firm’s team, with assistance from senior associate Li-Jean Chew. The international counsel for LDC was Mills & Reeve. PwC also advised Bluestone.
Allens were LDC’s lead Australian counsel, while in the UK they were represented by Allens
Deal Significance: Bluestone is a financial services company first established in Australia in 2000. It is now headquartered in the UK. With this deal, some of its present owners such as the Royal Bank of Scotland have exited the company, but it gains Lloyds International as an owner, as LDC is part of the Lloyds Banking Group. Other owners of the company include Crescent Capital and the Macquarie Bank.
“In seeking a liquidity event for its existing shareholders, Bluestone originally considered a normal sale process and IPO; however the offer from LDC to partner with them was very attractive,” said Addisons managing partner Laura Hartley.
Addisons have acted for the Bluestone Group since 2007.
The transaction is subject to regulatory approval.
