King & Wood Mallesons (KWM) is proud to have assisted National Australia Bank (NAB) in reaching agreement to sell its MLC wealth management business.
KWM acted as lead legal adviser on the $1.44bn sale, to IOOF Holdings Ltd (IOOF), announced today.
The transaction reflects NAB's decision to focus on its core banking business and is a continuation of KWM's role in assisting NAB with the execution of its strategic priorities.
The KWM team was led by M&A Partner Diana Nicholson, supported by a deep multidisciplinary team including Partner Will Heath and Senior Associates Jack Hill and Rebecca Williams.
Commenting on the deal Diana Nicholson, Partner, KWM said:
"KWM is delighted to assist NAB in realising this deal, which reflects a long-term commitment to this project.
The result is a transaction structured to meet NAB's objectives, something we take great pride in."
The sale of MLC is the latest transaction to benefit from this approach. In June, KWM advised NAB on its record capital raising - a $3bn fully underwritten institutional placement and a $1.25bn share purchase plan—generating a total of $4.25bn in fresh equity.
Subject to the timing of regulatory approvals, completion of MLC's sale to IOOF is expected to occur before the middle of calendar year 2021.
