Login
Three firms have insurance deal covered
Two globals and a mid-tier have advised on the takeover of one ASX-listed insurance company by another.
Leanne Mezrani
Firms: Hall & Wilcox (Calliden Group Limited); King & Wood Mallesons (Steadfast Group Ltd); Allens (Munich Re).
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: The acquisition of ASX-listed general insurance company, Calliden Group Limited, by ASX-listed insurance firm Steadfast Group Ltd.
Value: $105.4 million
Area: M&A
Key players: The Hall & Wilcox team was led by partner Danny Herceg (pictured) and special counsel James Morvell, who were supported by Deborah Chew, Zoe Solomon, David Dickens and David Markham.
King & Wood Mallesons acted for Steadfast Group Ltd. Allens’ Jeremy Low and Kylie Brown were the lead partners representing Munich Re.
Deal significance: Steadfast is acquiring 100 per cent of Calliden’s share capital in a transaction worth approximately $105.4 million. The takeover, to be effected by a scheme of arrangement, also includes the on-sale of the Calliden general insurance operations to Munich Holdings of Australasia (a subsidiary of reinsurer Munich Re), which is to occur immediately after the scheme is implemented.
Mr Herceg said the deal necessitated a cooperative approach over many months with the local and overseas advisers to both Steadfast and Munich Re to overcome some particularly challenging aspects of the broader transaction.
The transaction cleared its final hurdle last week, after being approved by the Federal Court of Australia in Sydney.
