Allens acts for Aberdeen in acquisition of fund management assets
6 May 2009
Leading international law firm Allens Arthur Robinson (Allens) is advising Aberdeen Asset Management PLC (Aberdeen) on the acquisition of certain fund management assets and businesses of Credit Suisse Group AG (Credit Suisse), spanning businesses in Europe, Asia and Australasia.
This is the second acquisition Allens has advised Aberdeen on in two years, following Aberdeen's acquisition of Deutsche Australia Limited's funds management businesses in 2007.
The first closing of the Credit Suisse acquisition, announced on 1 May 2009, relates to businesses in Australia and the rest of Asia Pacific, excluding Japan, and represents assets under management valued at £7.1 billion as at 31 March 2009.
Final closing, involving the remainder of the world's target business, is expected to take place around the end of June 2009.
The total purchase consideration will see Aberdeen issue up to 24.97 per cent of its share capital – valued at approximately £250 million as at 31 December 2008 (the date of the announcement of the deal) – to Credit Suisse, which would result in Credit Suisse becoming Aberdeen's largest shareholder and Aberdeen reportedly becoming one of the largest fund managers in Britain.
The Allens team, headed up by Partner Jeremy Low, brought together a range of departments, from M&A, Funds Management and Employment to Intellectual Property and Competition.
Acting for a long-time client, Allens worked with other law firms, including Maclay Murray & Spens LLP (UK counsel for Aberdeen) and Freshfields Bruckhaus Deringer LLP (UK counsel for Credit Suisse), on this multi-jurisdictional M&A transaction and offers expertise in the specialised funds management field.
According to Mr Low: 'As this is the second acquisition of an asset management business Allens has advised Aberdeen on in the last two years, we were able to bring our significant prior experience and knowledge of Aberdeen's business to this transaction.
'Given our M&A team in Australia worked closely with our funds experts, and our close relationship with Aberdeen, we were able to ensure that the Australian component of this complex global transaction ran smoothly.'
| Allens legal team | MAC: Jeremy Low (Partner- Sydney), David Robb (Partner - Sydney), Robert Kerr (Lawyer – Sydney) Funds Management: Susan Burns (Partner – Sydney), Rebecca Devon (Senior Associate – Sydney) Employment: Tim Frost (Partner – Sydney) Intellectual Property: Andrew Wiseman (Partner – Sydney), Rebecca Sadleir (Senior Associate – Sydney) Competition: Jacqueline Downes (Partner – Sydney), Andrew Gun (Lawyer - Melbourne) |
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For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.
