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US financial provider acquires Australian-New Zealand business

US financial provider acquires Australian-New Zealand business

Peter Stirling

A cross-border acquisition has seen an Australian and New Zealand commercial distribution business sold to an American financial services company listed on the NYSE.

Firms: King & Wood Mallesons (General Electric); Baker & McKenzie (Wells Fargo)

Deal: Wells Fargo has acquired General Electric’s (GE’s) Commercial Distribution Finance business in Australia and New Zealand.

Value: Undisclosed

Area: M&A

Key players: The team advising GE was led by KWM M&A partner Peter Stirling (pictured), with assistance from senior associate Michelle Siekierka. Partner Andrew Maynes advised on the banking aspects of the acquisition, supported by senior associate Llon Riley.

Deal significance: Listed on the NYSE, Wells Fargo delivers banking, insurance, investments, mortgages, and consumer and commercial financial services.

Its acquisition of GE’s Commercial Distribution Finance (CDF) business in Australia and New Zealand includes all CDF assets, 123 team members across five sites in Australia, along with seven team members across two sites in New Zealand.

“We are delighted to continue our longstanding relationship with GE by supporting them on this transaction, which is an important step in their strategy of moving to a smaller, safer financial services company,” said Mr Stirling.

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