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Digital home loan platform merges with CBA’s Aussie Home Loans
Global law firm Ashurst has advised Lendi on its merger with CBA’s Aussie Home Loans business.
Natasha Taylor
Firms: Ashurst (Lendi).
Value: Undisclosed.
Area: M&A.
Key players: The Ashurst team was led by partner Anton Harris, counsel Michael Dearden and lawyer Sharon Liu, with assistance from a large number of partners and lawyers across the firm’s tax, employment, competition, regulatory, insurance and banking teams.
The Ashurst team worked closely with Lendi’s team, particularly David Hyman (chief executive of Lendi Group) and Jason King (CFO of Lendi Group).
Deal significance: According to the firm’s statement, the merger revolutionises the future of home loans and combines Lendi’s market-leading digital technology and platform with Aussie’s iconic brand and significant broker and franchisee network.
Further, Lendi Group will operate a multi-brand strategy, maintaining and investing in the distinctive Aussie and Lendi brands while bringing together the complementary capabilities of Aussie and Lendi’s people, systems, operations and relationships to accelerate growth.
The transaction is described as involving the combination of the Lendi and Aussie businesses through the acquisition of the shares of Lendi and Aussie by the merger company, Lendi Group, in consideration for the issue of shares in Lendi Group to the existing Lendi shareholders and CBA (in addition to certain deferred consideration to CBA).
“It has been an absolute pleasure and privilege to advise Lendi on this merger to establish a market-leading digital home loans business. The successful completion of this transaction serves as a fantastic milestone in Lendi’s existing business and we are delighted to have been Lendi’s trusted advisers on this journey,” said partner Mr Harris.
