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Iress finalises successful acquisition of OneVue
McCullough Robertson and King & Wood Mallesons have advised on the successful acquisition by Iress of Onevue.
Tony Zhang
Firm: McCullough Robertson (OneVue); King & Wood Mallesons (Iress).
Value: $115.2 million
Area: M&A.
Key players: The McCullough Robertson team was led by corporate and M&A partners Adrian Smith and Ben Wood.
The KWM team was led by corporate and M&A partners Joe Muraca and Rob Kelly.
Deal significance: The purchase comprised an all-cash offer for 100 per cent of OneVue shares at a total value of $115.2 million ($0.43 per share), unanimously supported by OneVue’s board of directors.
The strength of OneVue’s execution and service model paired with the distribution and technology offered by Iress, dramatically hastens the execution of the strategy beyond what the two organisations could accomplish independently.
“It has been a privilege for McCullough Robertson to support OneVue’s fantastic management team, and in particular CEO Connie McKeage and CFO Ash Fenton, on a number of significant transactions, culminating in the excellent outcome which this transaction delivers for OneVue shareholders, clients and staff,” Mr Smith said.
Mr Kelly said the deal was among the first public Australian M&A transactions commenced and completed since the onset of COVID-19.
“This should provide tremendous confidence – amid the challenges global markets currently face, that it is possible for buyers and sellers alike to diligence digital assets and potential growth, find value and manage risk,” he said.
Both teams agreed that the deal’s successful conclusion was also “proof-of-concept” for effective remote collaboration between transaction parties and advisers.
“Deals like this are possible because we’ve invested in next-generation legal and communications technology,” Mr Kelly and Mr Smith said.
