Clayton Utz has advised Australian financial advisory firm Shadforth Financial Group Holdings Limited on its $240 million merger with ASX-listed financial services company Snowball Group Limited.
Clayton Utz Brisbane corporate advisory/M&A partner Andrew Hay led the team, with support from corporate partners Tim Reid and David Cominos, and special counsel Clayton Barrett.
The merger was effected as a reverse takeover, with Snowball shareholders receiving 2.15 Snowball shares for each Shadforth share, resulting in the issue of approximately 515.7 million new Snowball shares.
Shadforth shareholders will ultimately own 71 per cent of the merged entity, which will have more than $14.3 billion in funds under advice, administration and management.
Hay said the transaction - which was closed on 8 July - reflects "increased M&A activity in the financial services sector as participants look to shore up their competitive positions through consolidating their operations".
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