find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Super industry acquisition underway

Super industry acquisition underway

Deanna Constable, Lander & Rogers

First State Super is acquiring StatePlus, creating the largest member-owned financial planning network in Australia, with advice from multiple firms.

Firms: Lander & Rogers and Seyfarth Shaw (First State Super); Herbert Smith Freehills (SAS Trustee Corporation)

Deal: First State Super made a successful bid to acquire StatePlus from SAS Trustee Corporation

Value: Undisclosed

Area: M&A

Key players: The Lander & Rogers team was led by partner Deanna Constable (pictured), with assistance from partners Terry Brigden and Robert Neely, senior associates Jared Smith and Dalvin Chien, and lawyer Melisa Chan.

HSF’s advising teams were led by partners Philippa Stone, Philip Hart and Peter Dunne. Assisting were partners Michael Vrisakis and Stephen Dobbs, special counsel Alison Wheatley, senior associates Jennifer Cho and Sami Wilson and solicitors Ben Waterfall, Victoria Mataczynski, Thomas Mawson, Ben Robinson and Hayden Guthrie.

Deal significance:

First State Super made a successful bid to acquire StatePlus, a financial planning and pension fund business owned by SAS Trustee Corporation (STC).

STC conducted a competitive dual-track sale process for its financial planning business StatePlus which commenced late last year. The process culminated in receipt of a number of trade sale proposals and an underwritten IPO bid last month.

StatePlus provides specialist retirement advice, mostly for NSW state government employees. StatePlus has about 60,000 clients, 160 planners and $16 billion under management according to reports by Australian Financial Review.

STC entered into an agreement that First State Super would acquire 100 per cent of StatePlus on 21 May 2016. Completion is expected in early June.

First State Super is the superannuation fund manager for public servants in New South Wales.

First State Super intends to establish a new and innovative advice service that leverages the scale and geographic coverage of both organisations for the benefit of the members of First State Super, StatePlus and STC, according to Lander & Rogers.

The transaction creates the largest member-owned financial planning network in Australia, with more than 200 financial planners and $21 billion in retirement funds.

When this transaction is completed in June, First State Super will oversee a total investment pool of over $70 billion.

“First State Super succeeded in a highly competitive private tender process, but also had to take into account competition from a parallel public listing process being pursued by STC and its management,” Deanna Constable, Lander & Rogers lead partner, said.

“These ‘dual-track’ processes are rare, but this transaction was even more unique in that the IPO underwriting and marketing process progressed much further than is usually the case and provided an added [more] competitive dimension than is usual.”

 


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Super industry acquisition underway
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 24 2017
Demand lifts in 2017/18 for short-term finance to cover crises
Promoted by NWC Finance. The first five months of the 2017-18 financial year have seen unpreceden...
LCA welcomes religious freedom panel
Nov 24 2017
LCA welcomes religious freedom panel
The Law Council of Australia says the establishment of a panel which will examine the human right to...
Law Society launched a new website, legal politics and lawmaking
Nov 24 2017
Law Society launches project to engage young Aussies
The Law Society of NSW has launched a new website to engage young Australians in legal politics and ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...