Ashurst has advised Australia and New Zealand Banking group Limited (ANZ) on the sale of its Esanda dealer finance portfolio, for a purchase price of approximately A$8.23 billion.
The transaction, signed and announced to ASX on 8 October 2015, was via a trade sale with expected completion staggered over six months.
The Esanda business comprises approx 330,000 retail customers and 450 dealer originators and 160 dealers with bailment and lending facilities with ANZ.
The sale of the Esanda portfolio reflects a continued focus by ANZ on core businesses and further strengthens its capital position.
The Ashurst team was led by Elspeth Arnold, who was assisted by partner Tiffany Barton, senior associate Eliza Blandford and lawyers David Wright, Counsel Corey Lewis and lawyers Lachlan Salt and James Sin (Corporate); partners Ian Kellock and Geoff Mann, senior associates Bronwyn Kirkwood and Jadie Teoh, and lawyer Kristina Popova; (Tax); partner Jennie Mansfield (Employment); senior associates Alice Morrison and Michael Murray, foreign associate Rachael Fahy, lawyers Kathryn Smith, Jacqueline Chan, and Andrew Clarke (RSSG); partners Peter Armitage and Alice Muhlebach with lawyer Kate Wald (Competition); partners Jennifer Schlosser, Philip Trinca and Jamie Ng, foreign lawyer James Riseam and graduate Timon Ibrahim (Finance/SDG); partner Ashley Wharton and senior associate James Martin (Disputes); with assistance from Mike Polson (Managing Partner Glasgow) and a team from the Glasgow office.
