King & Wood Mallesons (KWM) has advised ETF provider Betashares on its agreement to acquire Bendigo Superannuation Pty Ltd from Bendigo and Adelaide Bank Limited.
The transaction will mark a new entrant into the superannuation industry and is a transformational step for Betashares.
Betashares intends to use its investment scale, and operational and risk management capabilities to expand its presence in superannuation and provide strong outcomes for members.
The KWM team was led by Partners, Matt Coull and Sarah Yu and supported by Special Counsel and Senior Associates, Genovieve Lajeunesse, Helen Tilley, Michelle Borg and Victoria Lanyon, together with lawyers Mishon Wu and Phoebe O’Keefe.
Commenting on the deal, Partner, Sarah Yu said:
“We are delighted to have supported Betashares on its transformational acquisition. We are excited by a new entrant to the superannuation industry that has a track record of transforming industries. The superannuation industry is undergoing a period of consolidation as part of APRA’s focus on member outcomes.”
Subject to regulatory approvals, the acquisition is likely to be completed in 2024.
KWM continues to advise clients on market leading transactions in the financial services sector, recently advising Mercer on the merger of BT Super into the Mercer Super Trust.
