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08 Feb 2011

Clayton Utz helps Myer with strategic sass & bide fit

Melbourne, 8 February 2011: Clayton Utz is pleased to have worked alongside client Myer Holdings Limited on its strategic acquisition of a 65 per cent stake in one of Australia's best known designer labels, sass & bide, for A$42.25 million. The transaction was announced on 7 February.

Melbourne Corporate partner Brendan Groves led the Clayton Utz team that assisted Myer on the deal, which gives Myer exclusive department store rights to distribute the sass & bide brand, and represents a significant addition to its brand portfolio. Other key members of the Clayton Utz team included senior associate John Brewster and lawyer Sachi Haga from the Melbourne Corporate group, and partner Sue Williamson and Ada Lam from the Taxation team.

The sass & bide deal marks Myer's first acquisition since listing on the Australian Securities Exchange last year. The transaction is expected to complete in April.

Clayton Utz's lead partner, Brendan Groves, said the firm was pleased to have assisted Myer on a transaction of such strategic significance to the business.

"The acquisition of a stake in sass & bide is an exciting step for Myer and reflects its focus on strategic growth. We're proud to have been part of such an iconic deal," said Mr Groves.

Clayton Utz was named Best Professional Services Provider by Myer as part of its 2010 Myer Supplier of the Year program, which recognises the work of Myer suppliers across 13 different categories. The award is based upon "[the organisation's] Alignment with Myer's objectives and partnerships with Myer and their Service Delivery".

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.