Gilbert + Tobin Advises Westpac on $1.45 Billion Acquisition of Lloyds Banking Australian Businesses

Gilbert + Tobin is pleased to be advising Westpac in connection with its agreement to acquire Lloyds Banking Group’s (Lloyds) Australian asset finance business and corporate loan portfolio.

As announced earlier today, Westpac has entered an agreement to acquire Lloyds’ asset finance business, Capital Finance Australia Ltd and its corporate portfolio, BOS International Australia Ltd, for A$1.45 billion. This comprises of a motor vehicle finance book of A$3.9 billion, an equipment finance book of A$2.9 billion and a corporate loan portfolio of A$1.6 billion. The announcement today follows Westpac’s participation in a competitive bid process involving other major financial entities.

The acquisition is expected to complete on 31 December 2013.

The Gilbert + Tobin team, led by partners Peter Cook and Gina Cass-Gottlieb, includes partners David Clee, Elizabeth Avery, Ros O’Mally, Duncan McGrath and Peter Feros and is supported by Special Counsel Jennifer Barron and Benjamin Downie and lawyers Elizabeth Hill, Tim Gordon, David Kirkland and Andrew Sharp.

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