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Ashurst Acts In AUD 8.2bn GE Acquisition.

23 March, 2015

 

Ashurst has acted for the consortium of KKR, Varde Partners and Deutsche Bank in the AUD 8.2bn acquisition of GE Capital Finance Australasia Pty Ltd’s Australian and New Zealand consumer lending business, one of the largest private equity transactions ever in Australia and New Zealand. The deal, undertaken through a bid vehicle structure, remains subject to regulatory approvals.


Ashurst acted on behalf of KKR, a major private equity house, as well as for Deutsche Bank and Varde on such a significant M&A transaction.


The Ashurst team was led by partner Mark Stanbridge, and included partners Murray Wheater and David McManus (Corporate); Jonathan Gordon and Lisa Simmons (Regulatory); Vivian Chang (Tax); Kenneth Nguyen (Banking); Jennie Mansfield (Employment); Anita Cade and Tim Brookes (Intellectual Property/TMT); Jason Cornwall-Jones (Property); Con Tzerefos (Superannuation); Sonia Tame (Class action litigation); James Marshall (Insolvency); and Bill Gray and Margaret Sheehan from Ashurst’s New York office.

 

Ed Bostock, Australian KKR director stated: “We are delighted to have the opportunity to partner with Varde Partners and Deutsche Bank to support both existing and new customers and product growth in the years to come.”


George Hicks, a founding partner and co-chief executive of Varde Partners stated: “Varde Partners believes this partnership will provide a platform for growth in the dynamic consumer finance market in Australia and New Zealand.  It is a natural extension of our deep expertise in speciality consumer finance and a great fit for us.”

 

Herbert Smith Freehills were legal advisors to the consortium on debt financing matters. Other advisors to the consortium included HWL Ebsworth on Australian consumer credit due diligence; Mayne Wetherell on New Zealand aspects of the deal; Ernst and Young on tax and Moelis & Co were financial advisors. Bank of America Merrill Lynch and Citibank were financial advisors to KKR.

 

GE Capital Finance Australasia Pty Ltd were advised by King and Wood Mallesons, and Credit Suisse and Morgan Stanley provided financial advice.

 

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