Herbert Smith Freehills is delighted to have advised MA Financial Group Limited (MA Financial) on its recent A$120 million equity raising and acquisition of Finsure Holding Pty Ltd and its subsidiaries (Finsure).
MA Financial is an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities.
Finsure is a leading Australian mortgage aggregation group with a lending portfolio of A$60.8 billion. The strategic acquisition will allow MA Financial to capitalise on the digital evolution of financial services in Australia, and on synergies between its existing credit and lending businesses and the Finsure business to drive new product development and customer solutions.
The equity raising comprised an institutional placement raising approximately A$100 million and a non-underwritten share purchase plan raising approximately A$20 million. The equity raising was used to support settlement of the Finsure acquisition and will also support MA Financial's future growth initiatives.
The Herbert Smith Freehills transaction team was led by Chair and Senior Partner Rebecca Maslen-Stannage, and solicitors Sam Moran and Danielle Farrell.
The transaction team was supported by the firm's specialist Banking Regulatory team across its Sydney and Melbourne offices, including partner Charlotte Henry, senior associate David Curley and solicitor Chloe Kim.
The Herbert Smith Freehills team worked closely with the MA Financial legal team, including General Counsel Rebecca Ong and legal counsel Mairead Murphy.
Ms Maslen-Stannage said, "We were delighted to work with MA Financial on this strategic acquisition and capital raising. The MA team consistently apply an innovative and commercial focus to executing complex transactions, and we look forward to seeing the ongoing growth and success of MA's business."
The placement was fully underwritten by Ord Minnett Limited and UBS Securities Australia Limited. MA Moelis Australia Advisory Pty Ltd, Ord Minnett Limited and UBS Securities Australia Limited acted as joint bookrunners and joint lead managers to the equity raising.
