Pepper accepts A$675 million KKR takeover

King & Wood Mallesons (KWM) is advising funds, clients and accounts of KKR Credit Advisors and its affiliates (KKR) on their A$675 million acquisition of Australian non-bank lender Pepper Group. 

Pepper entered a scheme implementation deed with a KKR established entity which allows Pepper shareholders to elect to receive either A$3.60 a share cash, or to rollover their shares for new ordinary shares in the new holding company for the acquired business.  Pepper shareholders will also receive a A$0.03 cents per share dividend.

The KWM team was led by Partners Mark McNamara and Lee Horan, supported by Special Counsel Alex Elser, Senior Associate Cathy Chan and Solicitor Harsha Garikapati. 

Commenting on the deal, Mark McNamara said "We are delighted to be working for KKR on this important transaction.  The transaction will give KKR exposure to significant lending and servicing markets in Australia, Asia and Europe."  

At the end of March 2017, Pepper's accounts showed the group had more than $50.8 billion in assets under management, including $7.7bn in lending assets.

KWM also recently acted for KKR funds on their acquisition of Dixon Hospitality Group.