Russell McVeagh has advised ANZ Bank on its NZ$762 million sale of UDC Finance to Japan's Shinsei Bank, which closed
Partners Ian Beaumont
, Deemple Budhia
and Fred Ward
led the transaction, working closely with senior associates Jesse Fairley
and Hamish Beckett
. Significant support was also provided by senior associates Lucy Becke
and Ling Yan Pang
and solicitors Lucy Clifford, James Horner, Kristina White, Ryan Howlett and Millie Bidwill, as well as others
throughout the firm.
The transaction was negotiated and executed under challenging circumstances arising from the COVID-19 pandemic, and in
the midst of a raft of law reforms introduced in New Zealand under urgency.
ANZ recognised the value that the Russell McVeagh team brought to the transaction, noting, "there were many complexities
arising from the impact of COVID-19 on both the underlying business and the securitisation stapled financing. Russell
McVeagh’s advice and support prior to, and through this period of unprecedented uncertainty was central to the success
of the transaction".
Russell McVeagh is delighted to have been involved in this landmark deal and the outcomes for ANZ, UDC and Shinsei. All
practice groups across the firm were involved, highlighting the firm's depth of expertise and ability to deliver complex
M and financing transactions.
Russell McVeagh's team continues to assist clients helping to deliver results in what has been a turbulent operating
environment for many corporates, including with a number of notable transactions throughout the lockdown
More information on the sale is available here
and on Russell McVeagh advising UDC on the $2 billion auto and equipment finance-backed securitisation here