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Firms act on $8.3bn consortium agreement

Firms act on $8.3bn consortium agreement

ben-mahoney

Three firms have advised on a large private equity transaction involving global alternative investment company Värde Partners.

Firms: Arnold Bloch Leibler (Värde Partners); DLA Piper (KKR); King & Wood Mallesons (Deutsche Bank); Ashurst (consortium vehicle)

Deal: Värde Partners (in consortium with KKR and Deutsche Bank) acquired GE consumer finance business in Australia and New Zealand.

Value: $8.3 billion

Area: M&A

Key players: Arnold Bloch Leibler’s team comprised Melbourne-based banking and finance partner Ben Mahoney (pictured) and senior associate Daniel Mote. DLA Piper partner Grant Koch, KWM partner Ros Anderson and Ashurst partner Mark Stanbridge also worked on the deal.

Deal significance: This was one of the “largest-ever private equity transactions in the region”, according to a release by Arnold Bloch Leibler.

The GE business, now renamed Latitude Financial Services, provides consumer credit to more than 2.5 million customers through Australian retailers, including Harvey Norman and Coles.

Arnold Bloch Leibler represented Värde in relation to the A$8.3 billion consortium agreement between the three members, as well as financing aspects of the investment.

“We were honoured to be involved in what is a transformative transaction for our client,” said Mr Mahoney.

“We congratulate our client on this milestone achievement, which will allow them to establish a dedicated Australian office.”

Mr Mote said: “This was a complicated deal involving a challenging structure and a number of parties."


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