Gilbert + Tobin on Westpac's Lloyds Acquisition
Gilbert + Tobin is advising Australia’s Westpac Banking Corp. on its $1.37 billion acquisition of Lloyds Banking Group’s Australian assets.
Westpac, one of the Australia’s biggest banks, is buying Lloyds’s $1.5 billion corporate loan portfolio, as well as its motor vehicle and equipment finance business, which has some $6.4 billion in outstanding loans. The acquisition is expected to complete by the end of the year.
The sale is part of Lloyds’s strategy of divesting international operations and focusing back on its U.K. home market. In 2011 it sold $1.6 billion worth of Australia and New Zealand property loans to Goldman Sachs and Morgan Stanley.
Sydney-based corporate partner Peter Cook and competition partner Gina Cass-Gottlieb are leading a 13-lawyer team at Gilbert + Tobin that also includes corporate partner David Clee, competition partner Elizabeth Avery, banking and finance partners Ros O'Mally and Duncan McGrath, and tax partner Peter Feros.
Allen & Overy Sydney partner Michael Parshall is advising Lloyds along with a Minter Ellison team led by Sydney corporate partner Victoria Mathewson that also includes finance partner Matthew Cunningham, capital markets partners John Elias and Daniel Scotti, corporate partner Anthony Borgese, human resources partner Gareth Jolly, and regulatory partner Katrina Groshinski.*
Update, 10/14/13: The fifth paragraph has been altered from the original version to include the names of the partners from Allen & Overy and Minter Ellison who worked on the matter.