Allen & Overy advised Pendal Group Limited (ASX: PDL) on the deal, while Ropes & Gray represented BrightSphere Investment Group.
Pendal Group Limited (ASX: PDL) (Pendal), an independent global investment manager based in Australia with A$101.7 billion in funds under management, acquired Thompson, Siegel & Walmsley LLC (TSW), a U.S. based value-oriented investment management and advisory company. The transaction will substantially increase Pendal’s presence as a global investment manager, particularly in the U.S. market. The transaction was funded by an A$190 million placement of new shares to institutional investors and a 5 year A$200 million debt facility.
Pendal’s acquisition of TSW strategically positions Pendal’s U.S. business to drive growth in the world’s leading equity market.
BrightSphere Investment Group, Inc. sold its 75.1% ownership interest in Thompson, Siegel and Walmsley LLC. BrightSphere is a diversified, global asset management company with approximately $141 billion of assets under management as of March 31, 2021.
The Allen & Overy team was led by M&A partners Stephen Besen (Picture) and Michael Parshall in the New York and Sydney offices, respectively. The team also included New York associates Loren Thomas, Lucy Cai and Nkem Anene and on the equity raise Australian associates Isobel Smith, Ashton Pyke and Michelle Huo. U.S. securities law advice was provided by Sydney ICM partner Mark Leemen and associate Edward Ren. Sydney partner Adam Stapledon and senior associate William Kim advised on the acquisition financing. U.S. tax advice was provided by New York partner Dave Lewis, senior counsel Caroline Lapidus, and associates John Hibbard and Lauren Diner. New York partner Brian Jebb and associate Zoe Wachter advised on employment and benefits matters. Washington, D.C. partner Chris Salter, New York senior counsel Kuang Chiang and associate Pierce Young provided regulatory advice. Partner Elaine Johnston and associate Puja Patel advised on antitrust. Real estate advice was provided by partner Adam Sofen and associate Natasha Robbins. Partner Keren Livneh and associates Natalie Montano Young and Kyle Coogan advised on transactional IP matters.
The Ropes & Gray team that represented BrightSphere was led by private equity partner Matthew Richards (Chicago), and included tax partner Amanda Holt (Boston), employment, executive compensation & benefits partner Joshua Lichtenstein (New York), asset management partner David Sullivan (Boston) and mergers & acquisitions partner William Michener (Boston).
Involved fees earner: Stephen Besen – Allen & Overy; Lucy Cai – Allen & Overy; Kuang Chiang – Allen & Overy; Kyle Coogan – Allen & Overy; Lauren Diner – Allen & Overy; John Hibbard – Allen & Overy; Brian Jebb – Allen & Overy; Elaine Johnston – Allen & Overy; William Kim – Allen & Overy; Caroline Lapidus – Allen & Overy; Mark Leemen – Allen & Overy; Dave Lewis – Allen & Overy; Keren Livneh – Allen & Overy; Natalie Montano Young – Allen & Overy; Michael Parshall – Allen & Overy; Puja Patel – Allen & Overy; Ashton Pyke – Allen & Overy; Edward Ren – Allen & Overy; Natasha Robbins – Allen & Overy; Chris Salter – Allen & Overy; Isobel Smith – Allen & Overy; Adam Sofen – Allen & Overy; Adam Stapledon – Allen & Overy; Loren Thomas – Allen & Overy; Zoe Wachter – Allen & Overy; Pierce Young – Allen & Overy; Amanda Holt – Ropes & Gray; Joshua Lichtenstein – Ropes & Gray; William Michener – Ropes & Gray; Matthew Richards – Ropes & Gray; David Sullivan – Ropes & Gray;