This year is flying by! This edition of the Dispatch wraps up our September and October deal highlights in the financial services sector. We also share what we are doing in the pro-bono space and if you missed the launch of our annual Deal Trends Report you can catch it here.
Matt Coull and Sarah Yu led a team to advise Betashares on its agreement to acquire Bendigo Superannuation from Bendigo and Adelaide Bank Limited. Subject to regulatory approval, the transaction will mark a new entrant into the $3.5 trillion superannuation industry and is a transformational step for Betashares. Could this be a further signal that ETF’s want in on our super industry? Time will tell.
We also saw a significant transaction in Capital Markets. Ian Paterson and Rhys Casey led a team to advise Suncorp on the issue of its wholesale, floating rate, unsecured, subordinated notes 5 which raised A$600 million from institutional and wholesale market investors – all geared towards the bank’s ongoing funding and capital management strategy.
Responding to the nation’s housing affordability crisis, Claire Rogers led a team to advise ANZ in its role funding an innovative new private development financing for Super Housing Partnerships (SHP), which includes social, affordable and market housing and specialist disability accommodation. The transaction will serve as a precedent for SHP’s future developments to increase affordable housing supply in Australia. Let’s hope we see more of these!
Talking all things community, our Pro Bono team worked alongside our M&A experts to help non-for-profit organisation Lyfe Languages become its own legal entity. Lyfe Languages Ltd was created with a mission to empower and retain First Nations and Indigenous languages to address inequitable health outcomes within their communities. Take a look at what this inspiring organisation is doing here.
Missed the launch of our annual Deal Trends Report? This week we shared our insights on the Private M&A market where we witnessed an increase of foreign entities and subsequent approvals for players seeking to acquire Australian businesses. Close to 40% of activity undertaken by offshore players required approval from the Foreign Investment Review Board in the past financial year. Read the full report here.