KWM advises Mercer on BT Unitised Super and Advance Asset Management transactions

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King & Wood Mallesons (KWM) has advised Mercer Australia (Mercer) on the Heads of Agreement to merge BT’s Personal and Corporate superannuation funds into the Mercer Super Trust to create a $65 billion superannuation fund helping more than 850,000 Australians to invest for and support their retirement, following a competitive bid process.   

Mercer has also agreed to acquire the Advance Asset Management business.

This merger affects members with BT Super, BT Super for Life and BT Super for Life – Westpac Group Plan accounts, whose super will be transferred to Mercer Super Trust and is expected to deliver better retirement outcomes for Australians.

The KWM team was led by partners Nathan Hodge (superannuation and regulatory), Rhys Casey (mergers and acquisitions) and Jim Boynton (funds and regulatory), with support from Senior Associates Adrian Donato and Prue O’Sullivan. Additional specialist support was provided by the teams led by partners Kai-Chen Lamb on tax, Kirsten Bowe on separation, data and privacy, Ruth Rosedale on employment, Malcolm Brennan on FIRB, and Simon Cooke on competition.

Commenting on the deal, Nathan Hodge said “This was a complex and fast-moving transaction and it was a privilege to partner with and support the Mercer team to execute a deal which is ultimately designed to deliver significant benefits to the superannuation members of both organisations.”

Completion of the transaction is subject to regulatory approvals and other necessary conditions and is expected to occur in FY2023.