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Super fund merger reinvests in Tassie

Super fund merger reinvests in Tassie

The recent merger of two super funds in Tasmania is said to be one of the most substantial sector deals in recent times.

Firms: K&L Gates (Tasplan Pty Ltd)

Deal: Tasplan Pty Ltd (Tasplan) has merged with the RBF Tasmanian Accumulation Scheme.

Value: $8 billion (funds under management)

Area: M&A

Key players: The K&L Gates team advising Tasplan was led by Melbourne-based partner Jim Bulling. Sydney partner Michael Neylan, senior associates Daniel Knight and Rania Seoud, and lawyers Stephen Clarke and Michelle Chasser assisted with the transaction.

Deal significance:

According to a statement released by the K&L gates, Tasplan is Tasmania’s only united industry super fund. Tasplan has 165,000 members and a value approaching $8 billion of funds under management.

Tasplan’s merger with the state-run RBF Tasmanian Accumulation Scheme has been described by the firm, who advised the industry super fund on the deal, as one of the most substantial super fund mergers in recent times.

K&L Gates gave advice for a range of deal elements for the merger, including board and governance issues, the allocation of assets between transferring members and those members who planned to remain with the fund in its new form.

Lead partner on the deal, Jim Bulling, said that the heavily regulated sector made mergers such as this difficult.

“Superannuation lies at a heavily regulated crossroads, making mergers of this kind challenging. This was a long process with many critical steps, and our team had the experience required to ensure its successful completion,” Mr Bulling said.

“This merger is a great result for Tasplan’s members and the state of Tasmania, who will benefit from lower fees and increased investment in the state,” he said.

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