Australia's leading independent law firm, Corrs Chambers Westgarth, has advised LGT Group (LGT) on the acquisition of Crestone Wealth Management (Crestone) for A$475 million, as the group expands its global presence and enters the Australian market.
LGT Group is the largest family-backed private banking and asset management group in the world, owned by the Princely Family of Liechtenstein.
Corrs advised on all aspects of the transaction, leveraging the combined expertise of the Corrs' Corporate, Financial Sponsors, Litigation, Competition, Arbitration, Banking/RISS, Employment, Property, Tax and Technology, Media and Telecommunications teams. The matter was led by Felicity Saxon, supported by partners Justin Fox, Russell Philip, Katrina Sleiman, Fadi Khoury, Jack de Flamingh, Andrew Leadston, Mark McCowan, Cameron Rider, Simon Mifsud, James Morley, James North, Patrick O'Grady, and Steven Rice.
Commenting on the matter, Corrs partner Felicity Saxon said: "This is a significant deal which gives LGT Group an important foothold in the attractive Australian wealth management market. As a complex cross-border transaction, tapping into the expertise from across Corrs has been crucial."
Olivier de Perregaux, Chief Executive Officer of LGT Private Banking, said: "Crestone has a successful entrepreneurial team, an attractive client franchise and very promising further growth prospects. This makes it an excellent strategic and cultural fit for LGT, and the intended transaction allows us to extend our already strong position in the Asia Pacific region. We very much look forward to welcoming Crestone, its employees and its clients to the LGT family."
The transaction, which is subject to Crestone shareholder and regulatory approvals, is expected to complete in the first quarter of 2022.