find the latest legal job
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Insurance Lawyer (1 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Great Career Opportunity ·
View details
Insurance and Health Lawyer (1-4 PAE)
Category: Insurance and Superannuation Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· New position to support Growth ·
View details
Fund managers advised on $3bn merger

Fund managers advised on $3bn merger

David Ryan

Fund managers Pengana Holdings Pty Ltd and Hunter Hall International Limited have been advised on a merger worth over $3 billion.

Firms: K&L Gates (Hunter Hall International Limited); DLA Piper (Washington H. Soul Pattinson and Company Limited, Pengana Holdings Pty Ltd)

Deal: Pengana Holdings Pty Ltd (Pengana) and Hunter Hall International Limited have entered an agreement to merge, with Washington H. Soul Pattinson and Company Limited (WHSP) to own a significant stake in the merged entity.

Value: Over $3 billion

Area: M&A

Key players: The K&L Gates team advising Hunter hall was led by corporate and transactional partner Hal Lloyd, and included financial services partner Liz Hastilow, tax partners Betsy-Ann Howe and Matthew Cridland, special counsel Brent Delaney, Ben Benson and Leslie Petro, senior associate Ed Vassie, and lawyer Mairead Murphy.

The DLA Piper team advising Pengana and WHSP was led by corporate partner David Ryan, with support from partner James Philips, senior associates Elliott Cheung and Horace Wu, and solicitor Rube Uthayakumar. The firm’s funds, tax, employment, debt and regulatory teams were closely involved.

Deal significance: Hunter Hall (ASX: HHL) and Pengana have entered an agreement to merge. Subject to shareholder approval, the merger will involve Hunter Hall acquiring all the shares in Pengana in return for the issuance of 74.1 million Hunter Hall shares to Pengana shareholders.

The total funds under management of the merged entity would exceed $3 billion. The deal is expected to close in May.

“WHSP is well-known as a shrewd and successful steward of capital and businesses," said DLA Piper lead partner David Ryan.

“We are excited to assist them in entering and consolidating a growing segment of the Australian funds management industry.”

K&L Gates lead partner Hal Lloyd said the complex, high-profile deal required expertise across multiple practice areas.

“The team will continue to work in a collaborative and effective manner to help Hunter Hall steer the transaction to a successful result for its shareholders,” he said.

DLA Piper previously advised WHSP (ASX: SOL) on its initial acquisition of a 49.49 per cent stake in Pengana from NAB Asset Management, and is currently advising WHSP on its off-market takeover bid for Hunter Hall, through WHSP Hunter Hall Pty Ltd – a direct, wholly owned subsidiary of WHSP.

The all-cash offer to Hunter Hall shareholders opened on 20 January 2017, and remains on foot. Pinnacle Investment Management Group made a rival takeover bid for Hunter Hall earlier this year.

WHSP is Australia’s second-oldest publicly listed company, with diverse assets across pharmaceuticals, telecommunications, coal mining, equity investments, building materials, copper and gold exploration, property investments, and corporate advisory.

Pengana specialises in listed equities, operating in Sydney, Melbourne and Singapore. Hunter Hall is a specialist global and Australian equity investment manager, listed on the ASX since 2001.


Pictured L-R: David Ryan, DLA Piper; Hal Lloyd, K&L Gates.

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

Fund managers advised on $3bn merger
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Quentin Bryce
DV has worsened in a generation: Quentin Bryce
Former governor-general of Australia Dame Quentin Bryce AD CVO has spoken of her deep distress about...
Academics entertain the idea of law without lawyers
Researchers from Queensland will explore some of the most disruptive trends tipped to transform the ...
Please, Continue (Hamlet), Melbourne Festival
Oct 16 2017
Hamlet suffers slings and arrows of top Victorian barristers
Victorian judges and barristers have performed the unique play Please, Continue (Hamlet) at the Melb...
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'...
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...
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 & ...