Freehills is advising Bendigo and Adelaide Bank (BEN) on its acquisition of Bank of Cyprus Australia Limited (BOCAL) for an estimated $130 million. BEN is funding the acquisition with a fully underwritten $150m share placement to institutional investors, which will be followed by a share purchase plan for BEN eligible retail shareholders in the new year.
BOCAL is the largest Hellenic bank in Australia, with a network of 14 branches based in New South Wales, Victoria and South Australia with assets of approximately $1.4 billion.
Freehills is advising BEN on all legal aspects of the transaction, with UBS acting as the bank’s financial adviser and Macquarie Capital and UBS as underwriters of the share placement.
The Freehills M&A team is led by Partner Rebecca Maslen-Stannage working with Solicitor Kate Hemphill, and the Freehills Capital Raising team is led by Partner Philippa Stone working with Senior Associate Allon Ledder and Solicitor Lucy Hall.
‘We are delighted to have advised Bendigo and Adelaide Bank on this important transaction as the bank continues to strengthen its position in the local market,’ said Philippa Stone.
Freehills banking and projects advised the Bendigo and Adelaide Bank earlier this year on the lease for its new head office in Adelaide.
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