The firm acted as Australian and US legal counsel
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A global law firm has utilised its network to act as both Australian and US legal counsel in a deal that made a major insurance industry acquisition a reality.
Baker McKenzie acted for Macquarie Capital (Australia) and J.P. Morgan Australia, the joint lead managers of a capital raising by the Steadfast Group, Australasia’s largest general insurance broker network. The group raised $100m in an institutional placement and subsequent share purchase plan. Proceeds of the capital raising will be used to fund a $95m acquisition of Whitbread Insurance Group.
The Baker McKenzie team was led by partner Craig Andrade, who heads the firm’s capital markets group. Working alongside Andrade were partners Andrew Reilly and Antony Rumboll. They were assisted by lawyers Paul Anderson and Matthew De Cataldo.
The work follows the firm’s recent roles in major equity capital markets transactions, including acting for Morgan Stanley, the sole advisor in the $450m placement by IOOF to fund the acquisition of ANZ’s OnePath business. Baker McKenzie also led in the first-ever Australian IPO of a German company.
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