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NAB demerges from UK banks

NAB demerges from UK banks

Diana Nicholson, KWM

Several firms have acted in NAB's demerger from the Clydesdale and Yorkshire Bank operations and the subsequent IPO of new entity CYBG.

Firms: King & Wood Mallesons (NAB); Clifford Chance (NAB London & CYBG); Allen & Overy (CYBG board); Linklaters (underwriters)

Deal: NAB completed a demerger from the Clydesdale Banking Group (now known as CYBG) and then launched an IPO of the new entity

Value: $3.2 billion

Area: M&A

Key players: The KWM team included partners Diana Nicholson (pictured), Peter Stirling, Ian Paterson, Will Heath and Samantha Kinsey, and senior lawyers David Bryant, Agata Bober and Jack Hill.

Deal significance:

The demerger will see NAB separate from UK-based Clydesdale and Yorkshire Bank operations, which will form a new entity to be known as CYBG plc.

NAB shareholders will own 75 per cent of the new entity, with the remaining 25 per cent divested under an institutional offer and the proceeds returning to NAB.

CYBG is listed both on the Australian Securities Exchange and the London Stock Exchange, and has a market capitalisation of approximately $3.2 billion.

The demerger and IPO of CYBG is a significant milestone for NAB that will enable it to pursue its “focused strategy in its core markets in Australia and New Zealand”, according to a statement from KWM.

“The complex transaction is key to NAB meeting one of its strategic objectives,” KWM partner Diana Nicholson said.

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