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Connective Group merges with Australian Finance Group for $120m
With the assistance of NRF, Connective Group merged with Australian Finance Group in a deal valued at $120 million.
Naomi Neilson
Firm: Norton Rose Fulbright (Connective Group)
Value: $120 million
Key players: The NRF team was led by corporate M&A partner Jasmine Sprange and restructuring partner Alex Mufford. Special counsel Bernie Walrut, Sarah Chen, senior associate Oliver Kabongo and associates Michael Phillips and Liya Wu supported. An additional support was given by partners, including Belinda Harvey.
Deal significance: The merger creates a national mortgage distribution network, with more than 6,575 brokers and combined mortgage settlements of $76 billion in financial year 2019.
The transaction is conditional upon validation and approval from a court, Connective Group stakeholders, the Australian Competition and Consumer Commission and AFG shareholders. Upon completion, the deal will expand AFG’s distribution channel and the diversification of products for its brokers and consumers.
NRF advised Connective Group on all aspects of the transaction, including negotiation of a suite of bespoke transaction documents, due diligence and navigating a range of other complex issues arising from the transaction.
Mr Mufford and Ms Sprange commented: “We are pleased to have advised Connective Group on this transaction to merge its business with Australian Finance Group to the benefit of its brokers and their customers.
“The deal has been multifaceted and gave us the opportunity to combine our skills across M&A, restructuring, competition and a number of other specialist areas. We look forward to working with stakeholders toward satisfying the deal conditions.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
