Allens advises on one of the largest private equity and capital markets transactions of 2021
Allens advised Cerberus Capital Management on the acquisition of the automotive dealer finance and novation leasing business of Westpac (Westpac Auto Business).
The Westpac Auto Business is one of Australia’s largest auto finance companies, with approximately $ 4 billion in loans per year.
Angle Finance – a portfolio company of Cerberus Capital Management – will acquire the car dealership and introducer deals, as well as wholesale dealer loans of around $ 1 billion, strategic alliance deals with automakers, and a capacity to create rental contracts and related agreements.
The Allens team has incorporated expertise from all practice groups of the firm to advise on all aspects of the acquisition including M&A, Banking & Finance, Regulatory, IT / Separation , employment, competition, litigation and disputes and FIRB authorization.
“The acquisition of Cerberus is one of the largest private equity and capital market transactions of recent times,” said senior partner Noah Obradovic.
“This is the latest major transaction in our growing private equity market, and it reflects the growing profile of non-bank lenders as financial service providers in Australia.
“The agreement builds on a number of major transactions we have worked on for Cerberus (and its subsidiaries), including the proposed acquisition of Westpac’s Strategic Alliances business and, more recently, a partnership of financing to provide up to $ 2 billion in financing loans to Athena Home Loans. ‘