Carve-outs
Creating value through strategic carve-out transactions
Carve-out transactions can be a pivotal moment in an organisation's lifecycle, offering an opportunity to unlock value, focus on strategic priorities and drive growth. These transactions often present unique challenges, requiring a deep understanding of the business and broader transaction strategy, and a cross functional approach.
How we can help
At Allens, we understand that carve-outs are among the most complex and strategically significant transactions - legally, operationally and culturally. We help clients navigate this complexity with precision across all facets of a carve-out. Bringing specialists together to work seamlessly in helping clients achieve both their immediate operational needs and long-term strategy.
Bespoke approach
We approach carve-outs not as routine acquisitions or divestitures, but as bespoke transactions requiring the navigation of complex issues across technology, data, competition, intellectual property, financing, tax, and employment. Our team works closely with clients to define what success looks like from the outset, leveraging cross-functional expertise to anticipate challenges and guide execution through a disciplined, phase-based strategy.
Cross-sector
Our team has advised on successful carve-outs both on sell-side and buy-side in sectors such as energy and resources, technology, media & telecommunications, financial services, healthcare and retail and consumer goods. With each project undertaken at Allens, we combine industry insights with tailored strategies to match each client's goals.
Leveraging AI and technology
At Allens, we can unlock more time to focus on what matters most by leveraging advanced technologies and AI tools, including Legora, CoCounsel and Diligence360.
Experience
Bain Capital
Bain Capital and a consortium of international institutional investors – on their merger of wholly-owned Vinarchy Wines (formerly Accolade Wines) with Pernod Ricard's Australian, New Zealand and Spanish wine businesses. This was a complex carve-out involving separation of highly entangled IT systems, manufacturing and route-to-market functions.
Brookfield and EIG consortium
On its proposed acquisition by scheme of Origin Energy for an implied enterprise value of $18.7 billion, including in relation to the separation of the Origin business between the consortium parties.
Neoen
On the divestiture of its Victorian portfolio for $950 million to HMC Capital, including advising on transitional arrangements and separation.
Ontario Teachers’ Pension Plan Board (Ontario Teachers’)
On its NZ$900m acquisition of 70 per cent of Spark New Zealand’s TowerCo business, involving the first carve-out of telecoms towers in the New Zealand market.
BGH Capital
On the acquisition of Healius' medical centres and dental clinics businesses and its separation from Healius' day hospitals and IVF clinics business, valued at $500 million.
Westpac Banking Corporation
On the sales of its LMI business and mortgage broker franchise business, RAMS Home Loans, and the proposed sale of its wealth management business.
Cerberus Capital Management
Advising on the acquisition of Westpac's auto finance business.
CBA
The sale of the bank's Australian general insurance business and related exclusive 15-year strategic alliance with the Hollard Group for A$625 million together with deferred alliance payments and on the sale of the CommSec Advisory unit to Morgans Stockbroking.
KKR
On the acquisition from Campbell Soup Company of certain Campbell international operations including Arnott's, Campbell’s simple meals and snacking brands in markets including Australia, New Zealand, Indonesia, Malaysia, Singapore, Hong Kong and Japan, and Campbell International’s manufacturing operations in Australia, Indonesia and Malaysia.
News Corp
On the sale of The Foxtel Group to streaming and entertainment platform DAZN.