Published on: September 01, 2020
Russell McVeagh has advised ANZ Bank on its NZ$762 million sale of UDC Finance to Japan's Shinsei Bank, which closed today.
Partners Ian Beaumont, Deemple Budhia and Fred Ward led the transaction, working closely with senior associates Jesse Fairley and Hamish Beckett. Significant support was also provided by senior associates Lucy Becke and Ling Yan Pang, and solicitors Lucy Clifford, James Horner, Kristina White, Ryan Howlett and Millie Bidwill, as well as others throughout the firm.
Running parallel to the M&A process, Russell McVeagh advised UDC and ANZ on the structuring, syndication and implementation of UDC's $2 billion securitisation stapled financing, which funded into completion of the share sale.
The transaction was negotiated and executed under challenging circumstances arising from the COVID-19 pandemic, and in the midst of a raft of law reforms introduced in New Zealand under urgency.
ANZ recognised the value that the Russell McVeagh team brought to the transaction, noting, "there were many complexities arising from the impact of COVID-19 on both the underlying business and the securitisation stapled financing. Russell McVeagh’s advice and support prior to, and through this period of unprecedented uncertainty was central to the success of the transaction".
Russell McVeagh is delighted to have been involved in this landmark deal and the outcomes for ANZ, UDC and Shinsei. All practice groups across the firm were involved, highlighting the firm's depth of expertise and ability to deliver complex M&A and financing transactions.
Russell McVeagh's team continues to assist clients helping to deliver results in what has been a turbulent operating environment for many corporates, including with a number of notable transactions throughout the lockdown.
More information on the sale is available here and on Russell McVeagh advising UDC on the $2 billion auto and equipment finance-backed securitisation here.
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Mergers and Acquisitions
Banking and Finance