McCullough Robertson advises on world first transaction as RACQ secures mutual bank merger
Leading independent law firm McCullough Robertson has advised RACQ on its merger with QT Mutual Bank (QTMB) with the transaction completed on 24 November 2016.
Lead Partner on the deal Jim Peterson said the merger between a motoring body and an ADI was the first of its kind in the world, and would provide Queenslanders with a new member-owned force in banking.
Mr Peterson and his team, including lead Senior Associate Ben Wood, acted for RACQ on various legal work streams, including due diligence, submissions for regulatory approvals, drafting disclosure materials and transaction implementation, in respect of its merger with QTMB by way of a scheme of arrangement and demutualisation of QTMB.
The merger is a significant Queensland transaction and is also novel, as a transaction involving an ADI being acquired by an entity which is not a financial institution.
“McCullough Robertson was delighted to advise RACQ on this potentially transformative transaction,” Mr Peterson said.
“This is a world first, highly complex and game changing deal for two member-based organisations.”
Mark Mugnaioni, General Manager Group Strategy, RACQ will join Mr Peterson and Mr Wood at a special seminar in Brisbane on 14 February 2017 where they will discuss their experiences and some of the complexities of working on this transaction.
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