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Mallesons Stephen Jaques has acted for Challenger Financial Services Group on the $385m sale of its mortgage aggregation business to National Australia Bank. NAB is acquiring the mortgage management business of Challenger, including its PLAN, Choice and FAST mortgage aggregator businesses. The deal also includes a portfolio of residential mortgages and a 17.5% stake in Homeloans Ltd. Challenger has an Australian network of nearly 6000 brokers. Mallesons’ lead partner on the transaction, Tim Bednall, commented: “This was a complicated transaction requiring closure in an extremely tight timeframe. It involved a complex securitisation business with retail mortgage broking elements and a range of intellectual property issues to manage. “As a result, we had a broad-based Mallesons team working around the clock on this deal, drawing together legal expertise across M&A, Securitisation, IP and Tax. Our capacity in these situations to rapidly pull together resources from across the firm is one of our key strengths when clients are looking to complete complex work on tight deadlines,” Mr Bednall said. “Mallesons has provided legal advice to Challenger for several years in relation to the development of its mortgage business so this transaction is the culmination of a long and rewarding relationship between us,” he said. |
Recent AwardsAustralian Law Firm of the Year - Who’s Who Legal 2009Deal Team of the Year - M&A - ALB Awards 2009Best Large Professional Services Firm - BRW Client Choice Awards 2009Best Large Law Firm - BRW Client Choice Awards 2009Law Firm of the Year (Australia) - PLC Which lawyer? Global Awards 2009National and Regional Law Firm of the Year- IFLR Asia Awards 2009Best Financial Law Firm - Finance Asia Awards 2008Corporate Legal Services Firm of the Year - CFO Awards 2008Best Private Business - ANZ-BRW Private Business Awards 2008Client Choice Award: Australia - International Law Office Awards 2008 | |