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Herbert Smith Freehills Advises Joint Lead Managers On Westpac’s Sell Down Of Shares In BT Investment Management.

29 June, 2015

 

Herbert Smith Freehills has advised UBS AG, Australian Branch (UBS) and Macquarie Capital (Australia) Limited (Macquarie) as joint lead managers in relation to Westpac Banking Corporation’s (Westpac) sell down of shares in BT Investment Management Limited (BTIM) by way of a fully underwritten institutional offer of 55 million shares (approximately 19% of BTIM’s issued capital) at AUD 8.20 per share, for total consideration of AUD 451m , and a fully underwritten retail offer to existing Westpac and BTIM shareholders of 27m shares (approximately 9% of BTIM’s issued capital) at AUD 8.20 per share, for total consideration of AUD 221.4m.

 

Westpac’s holding in BTIM will reduce from its current 59% to approximately 31% as a result of the transaction.

 

The Herbert Smith Freehills team was led by partner Philippa Stone.


Philippa Stone said, ‘Westpac’s partial sell-down of its holding in BTIM by way of a block trade and subsequent retail offer is an innovative transaction in the Australian market, and we are delighted to have acted for UBS and Macquarie.”

 

Westpac was advised by Allens Linklaters and BTIM was advised by Allen & Overy

 

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