Clayton Utz is advising Patersons Securities Limited, a premier independent Australian securities business, on its proposed scheme of arrangement with an Australian subsidiary of TSX-listed Canaccord Genuity Group Inc.
Patersons' wealth management business has more than A$13.6 billion in client assets under advice, and the business combination of Patersons and Canaccord will create a leading Australian capital markets, stockbroking and wealth management business.
The total consideration payable under the scheme is A$25 million, with $0.015 per share to be escrowed for a period of time. The implementation of the scheme is subject to various conditions, including the approval of Patersons shareholders and the Court.
Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale are leading the firm's team, with key support from Benjamin Depiazzi and Matthew Johns.