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CBA advised on $3.3bn sale of stake in CFS
Commonwealth Bank of Australia has been advised on the sale of its 55 per cent stake in Colonial First State to a global investment firm.
Jerome Doraisamy
Firm: Herbert Smith Freehills (CBA).
Value: $3.3 billion, with CBA receiving cash consideration of approximately $1.7 billion.
Area: M&A.
Key players: The HSF team was led by partners Tony Damian and Nicole Pedler, who were supported by private equity partner Clayton James and senior associate Li-Lian Yeo, corporate partner Rob Bileckij, corporate senior associates, Jayne Walker and William Hickey and solicitor Jennifer Xue, IT partner Kwok Tang and senior associate Kirk Boladeras, IP special counsel Amalia Stone; funds and financial services consultant Ruth Stringer, and finance partner Erin Wakelin and executive counsel Amelia Fleming.
Greenwoods & Herbert Smith Freehills, led by partners Andrew Hirst and Ryan Leslie, also advised on the tax aspects of this transaction.
Deal significance: Mr Damian said he was “delighted” to have supported CBA in this “milestone transaction”.
“This transaction involved an array of challenges and high intensity, in a time of sweeping change [amid] the COVID-19 pandemic. I am very proud that the team has successfully managed these challenges to support our valued client CBA,” he said.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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