NEWS

Allens advises on one of the largest private equity and capital markets transactions of 2021

Capital Markets Financing Private Equity

Allens has advised Cerberus Capital Management on the acquisition of Westpac's motor vehicle dealer finance and novated leasing business (Westpac Auto Business).

The Westpac Auto Business is one of Australia's largest auto finance businesses, writing approximately $4 billion in loans annually.

Angle Finance - a Cerberus Capital Management portfolio company - will acquire the automotive dealer and introducer agreements, together with wholesale dealer loans of approximately $1 billion, strategic alliance agreements with vehicle manufacturers, and novated lease origination capability and related agreements

The Allens team incorporated expertise from across the firm's practice groups to advise on all aspects of the acquisition, including M&A, banking and finance, regulatory, IT/separation, employment, competition, litigation and disputes, and FIRB clearance.

'Cerberus's acquisition is one of the largest private equity and capital market transactions in recent times,' said lead Partner Noah Obradovic.

'It is the latest significant transaction in our booming private equity market, and reflects the growing profile of non-bank lenders as financial services providers in Australia.

'The deal builds on a number of major transactions we have worked on for Cerberus (and its affiliates), including the proposed acquisition of Westpac's Strategic Alliances business and, most recently, on a funding partnership to provide up to $2 billion of whole-loan funding to Athena Home Loans.'

Allens legal team

M&A

Noah Obradovic (lead Partner), Tom Story (Partner), Patrick McGregor (Senior Overseas Practitioner), Josh Hoare (Senior Associate), Jewel Zhu (Associate), Alex Selig (Associate), Ben Toscano (Lawyer)

Banking and Finance

Renee Boundy (Partner), Benjamin Downie (Partner), Michael Gibling (Senior Associate), Tom Monk (Senior Overseas Practitioner), Dimity Brown (Senior Associate), JJ Aldahr (Associate), Shehan Canagasingham (Associate), Aaron Wong (Associate), Natalie Soh (Overseas Practitioner), Taylor Spensieri (Lawyer), Aleeza Shady (Legal Operative), Eric Gonzales (Law Graduate), Jessica Shao (Law Graduate), Angela Zhangbao (Law Graduate)

Regulatory

Kerensa Sneyd (Managing Associate), Amy Atashi (Managing Associate), Dominque Logan (Associate)

FIRB

Andrew Wong (Counsel)

Technology, Media and Telecommunications

Dominic Anderson (Managing Associate), James Daniel (Associate)

Employment and Safety

Sikeli Ratu (Partner), Virginia Dore (Law Graduate)

IP

Joel Barrett (Partner), Edward Thien (Associate)

Tax

Adrian Chek (Partner), Jay Prasad (Senior Associate), Tom Tian (Senior Associate), Nancy Goh (Lawyer), Tamar Ruiz (Lawyer)

Competition, Consumer and Regulatory

Jacqueline Downes (Partner), Rosannah Healy (Partner), Anita Thompson (Managing Associate), Luke Archer (Associate), Hanna Kaci (Associate), Tiana Macleod (Lawyer)

Disputes and Investigations

Jenny Campbell (Partner)