HWL Ebsworth’s Sydney corporate team advised Australian neobank 86 400 Holdings Ltd (86 400) on its recent entry into a scheme implementation agreement with National Australia Bank (NAB), under which NAB will acquire the remaining shares in 86 400 for approximately $220 million.
86 400 has fast become a digital contender against Australia’s big four banks, acquiring more than 85,000 customers, $375 million worth of deposits and $270 million in approved residential mortgages.
HWL Ebsworth had previously advised 86 400 on two capital raisings.
86 400 CEO Robert Bell has commented: “86 400 and its customers will benefit from NAB’s capital and balance sheet strength and investment spend to support accelerated growth and continued innovation, helping even more Australians take control of their money.”
Implementation of the Scheme is subject to certain conditions and regulatory approvals from the Treasurer, the Australian Prudential Regulation Authority, the Australian Competition and Consumer Commission and approval of the scheme by the Federal Court.
The HWL Ebsworth team advising 86 400 on this deal is being led by Corporate Partners Naomi Philp and James Lonie, with support from Associate Mia Carolan, Solicitor Mitchell Wilson and Law Graduate Ariane Demetriou. Partner Richard Westmoreland is providing competition advice and Partner James Moore is providing banking regulatory advice.
Note to Editors:
HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by the Australian Financial Review.
The firm comprises 1,368 staff including 257 Partners, 774 other legal staff and 337 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.
HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.
HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.
For further information, please contact:
Russell Mailler, Chief Strategy Officer (03) 8644 3569 or rmailler@hwle.com.au