National Australia Bank’s $220 Million Acquisition of neobank 86 400

King & Wood Mallesons advised National Australia Bank (NAB) on reaching agreement to acquire Australian neobank 86 400, assisted by HWL Ebsworth, by a scheme of arrangement.

The proposed acquisition is a major part of NAB’s strategy to accelerate the growth of its UBank digital bank. NAB will offer its customers an enhanced experience, by combining UBank’s existing brand and customer base, with the technology platform and experience of 86 400 and NAB’s capital and balance sheet strength.

The KWM team was led by M&A Partner Diana Nicholson (Picture), supported by a multidisciplinary team including Partners Caroline Coops (competition advice) and Anne-Marie Neagle and Katherine Forrest (banking regulatory advice), Senior Associate Rebecca Williams (M&A) and Special Counsel Sean Field ( the KWM Tech Law team).

The HWL Ebsworth team comprised Corporate Partners Naomi Philp and James Lonie, with support from Associate Mia Carolan, Solicitor Mitchell Wilson and Law Graduate Ariane Demetriou. Partner Richard Westmoreland provided competition advice and Partner James Moore provided banking regulatory advice.

Involved fees earner: Mia Carolan – HWL Ebsworth; Ariane Demetriou – HWL Ebsworth; James Lonie – HWL Ebsworth; James Moore – HWL Ebsworth; Naomi Philp – HWL Ebsworth; Richard Westmoreland – HWL Ebsworth; Mitchell Wilson – HWL Ebsworth; Caroline Coops – King & Wood Mallesons; Sean Field – King & Wood Mallesons; Katherine Forrest – King & Wood Mallesons; Anne-Marie Neagle – King & Wood Mallesons; Diana Nicholson – King & Wood Mallesons; Rebecca Williams – King & Wood Mallesons;

Law Firms: HWL Ebsworth; King & Wood Mallesons;

Clients: National Australia Bank; neobank 86 400;

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Author: Michael Patrini