The Brief:
Abu Dhabi-based PE firm Axight acquires a significant minority stake in La Trobe Financial Group, valuing the business at ~$3bn.
Allens advises on the deal, marking Axight’s debut in the Australian market.
Allens has advised Axight on its acquisition of a significant minority stake in La Trobe Financial Group from Brookfield Asset Management, in a deal valuing the business at approximately $3bn.
The deal
Axight is an Abu Dhabi-based private equity investment manager focused on the Asia-Pacific region, established by Lunate — a global investment firm with over US$115bn in AUM.
The deal marks Axight’s first investment in Australia.
La Trobe Financial is one of Australia’s leading asset managers. The transaction, subject to customary regulatory approvals, hands Axight a meaningful foothold in the Australian financial services sector.
Who’s acting
Allens advised Axight, with the deal led by M&A partners Vijay Cugati and Jessica Choong, supported by counsel Gadi Bloch, managing associate Vincent Pang, senior associate William Brown, associate Isabella Watkins and lawyer Nathan Shannan.
Financial services partners Simun Soljo and Llon Riley led that workstream, backed by senior associates Gabor Papdi and Mathew Newell. Finance partner Renee Boundy and associate Vanessa Ly handled the debt side. Competition partner Jacqueline Downes led regulatory, with FIRB covered by Choong and partner Wendy Rae, and tax by partner Craig Milner.
What they said
“This transaction reflects strong private capital interest in established Australian platforms, underpinned by strong fundamentals and supporting their next phase of growth,” said Choong.
“We are delighted to support Axight on its entry into the Australian market,” added Cugati.
Source: Allens