King & Wood Malleson advised Suncorp Group Limited on the strategic sale of its Australian Wealth Business, Suncorp Portfolio Services Limited, to LGIAsuper, following a competitive process. Jones Day advised LGIAsuper on the deal.
LGIAsuper members will benefit from increased size, scale and, ultimately, reduced costs with the acquisition of Suncorp’s superannuation business (Suncorp Portfolio Services Limited) in 2022.
The total consideration for the acquisition is estimated at $45 million. This includes a fixed amount of $26.6 million, plus regulatory reserves.
The expected completion date for the transaction is the second half of the 2021/22 financial year.
LGIAsuper has agreed to offer roles to approximately 130 employees currently employed by Suncorp who work in the wealth business.
The KWM team advising on the transaction was led by partners Rhys Casey (Picture) 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.
The Jones Day team was led by Joanne Dwyer and Isaac West.
Involved fees earner: Joanne Dwyer – Jones Day; Isaac West – Jones Day; Rhys Casey – King & Wood Mallesons; Simon Cooke – King & Wood Mallesons; Charles Davies – King & Wood Mallesons; Bryony Evans – King & Wood Mallesons; Matt McKeown – King & Wood Mallesons; Mandy Tsang – King & Wood Mallesons; Sarah Yu – King & Wood Mallesons;