King & Wood Mallesons (KWM) is proud to have advised Pepper Money Limited (Pepper) and its consortium partners on their agreement to acquire Westpac’s $21.4 billion RAMS home loan portfolio.
The landmark transaction represents one of the largest loan portfolio acquisitions in Australian history, underscoring the depth of investor confidence in the nation’s residential mortgage market and the strength of the consortium’s collective platform.
As part of the acquisition arrangements, the consortium will acquire and Pepper will service the RAMS mortgage portfolio. Completion of the transaction is subject to various conditions and regulatory approvals and is expected to occur in the second half of 2026.
The KWM team was led by Partners Anne-Marie Neagle and Joseph Muraca, working closely with a multidisciplinary team lead by Partners Dale Rayner (Financial Regulation), Jack Hill (M&A), Kirsten Bowe (Tech & IP), Lizzie Knight (FIRB), Kirsty Faichen (Employment), Caroline Coops (Competition) and David Wood (Tax).
Commenting on the deal, Anne-Marie Neagle said:
“We are proud to have once again supported Pepper and its consortium partners on a transaction of this scale and significance. It reflects both the sophistication of Australia’s financial services sector and the value proposition that Pepper and the consortium brought to both Westpac and the RAMS customers, as well as the trust clients place in KWM to deliver on complex deals, particularly in financial services.”
Joseph Muraca adding:
“The transaction aligns with Pepper’s growth strategy and reflects the increasingly important role of specialist servicers and private capital in Australia’s mortgage market. We’re incredibly proud of our team’s ability to deliver on a transaction of this importance and scale, working side-by-side with all advisers to reach this key milestone.”
This milestone reinforces KWM’s trusted role advising leading financial institutions and investors on transformative deals across Australia’s financial services sector.
