King & Wood Mallesons (KWM) is pleased to have advised Suncorp Group Limited (Suncorp) on the strategic sale of its Australian Wealth Business, Suncorp Portfolio Services Limited, to LGIAsuper, following a competitive process.
Suncorp considers the sale a good outcome for Suncorp’s 137,000 superannuation members and would continue the simplification of the Suncorp Group portfolio.
The KWM team advising on the transaction was led by partners Rhys Casey and Sarah Yu and supported by senior associate Matt McKeown. Bryony Evans and Charles Davies handled the transitional services aspects of the transaction while Simon Cooke handled the competition aspects, with Mandy Tsang covering insurance.
Commenting on the transaction, Rhys Casey said: “It has been a pleasure supporting Suncorp on the sale of its Australian Wealth business, which helps support Suncorp’s strategy of focussing on its insurance and banking customers”.
Subject to necessary regulatory approvals, it is expected the deal will complete in FY22.
KWM is a leading adviser in the financial services sector and has a longstanding relationship with Suncorp, having acted on its $250m issue of wholesale subordinated notes and the $194m resale and conversion of its convertible preference shares in 2020 and all of its tier 1 regulatory capital raisings since 2012.