Allens has advised longstanding client Bendigo and Adelaide Bank Limited on its sale of Bendigo Superannuation Pty Ltd to Betashares, a leading Australian asset management group.
Bendigo Superannuation Pty Ltd is a wholly owned subsidiary of the Bank, and trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension products, which are part of the Bendigo Superannuation Plan. BSPL currently has funds under administration of $1.4bn, with more than 19,000 members. The sale is in line with the Bank’s strategic imperative of reducing complexity.
'Allens has worked with Bendigo and Adelaide Bank for many years, and we are delighted to have had the opportunity to work with them again on this important transaction for the Bank,' said lead partner Robert Pick.
'The transaction is another example of the firm's deep expertise in acting for our financial services clients on strategic M&A transactions.'
The sale is subject to customary regulatory approvals and conditions and is expected to complete during 2024.
Allens legal team
M&A
Robert Pick (Partner), Daniel Conti (Senior Associate)
Financial Services
Michelle Levy (Partner), Ally Crowther (Senior Associate)
Tax
Craig Milner (Partner), Jennifer Cui (Senior Associate)
Employment
Sikeli Ratu (Partner), Sarah Lunny (Senior Associate)