Global law firm Norton Rose Fulbright has advised Connective Group, Australia's leading mortgage aggregator, on the merger of its business with ASX-listed financial solutions company Australian Finance Group Limited (ASX: AFG) in a deal valued at $120 million.
The merger will create a significant national mortgage distribution network, with more than 6,575 brokers and combined mortgage settlements of $76 billion in FY19.
The transaction remains conditional upon validation and approval from a court, Connective Group shareholders, the Australian Competition and Consumer Commission and AFG Shareholders (if required). On completion, the deal will expand AFG's distribution channel and diversification of products for its brokers and consumers.
The Norton Rose Fulbright team advised Connective Group on all aspects of the transaction, including due diligence, negotiation of a suite of bespoke transaction documents and navigating a range of other complex issues arising from the transaction.
Norton Rose Fulbright partners, Alex Mufford and Jasmine Sprange, commented:
"We are pleased to have advised Connective Group on this transaction to merge its business with Australian Finance Group to the benefit of its brokers and their customers. The deal has been multi-faceted and gave us the opportunity to combine our skills across M&A, restructuring, competition and a number of other specialist areas. We look forward to working with stakeholders towards satisfying the deal conditions."
The team was led by corporate M&A partner Jasmine Sprange, restructuring partner Alex Mufford and special counsel Bernie Walrut, and was supported by special counsel Sarah Chen, senior associate Oliver Kabongo and associates Michael Phillips and Liya Wu, with specialist support from partners including Belinda Harvey (Competition).