Sydney, 19 May 2014: Clayton Utz is representing financial services company SFG Australia Limited (SFG) on the proposed merger with IOOF Holdings Limited (IOOF), valued at approximately $670 million.
The merger will create the third largest advice business in Australia by funds under advice and one of the largest listed wealth management businesses in Australia, with a combined market capitalisation of over $2.5 billion.
On 16 May 2014, SFG entered into an agreement with IOOF under which IOOF will acquire, via scheme of arrangement, all of the shares in SFG. Subject to shareholder approval, the transaction is expected to complete in August.
Corporate partner Jonathan Algar led the Clayton Utz team advising on the transaction, which included partner Karen Evans-Cullen, senior associates Adam Foreman and Peter Debney, and lawyers Jonathan Augustus and Paul Wyper.
A Clayton Utz team advised SFG in connection with its proposed merger of equals with ASX-listed WHK Group in 2013.
Commenting on this latest transaction, lead partner Jonathan Algar said: "The potential merger with IOOF is part of the continuing growth trajectory of our long-term client SFG as a leading financial advisory group. If approved, the merger will provide beneficial scale and diversity for both companies."