Client results

RACQ
Merger with QT Mutual Bank

McCullough Robertson advised on a world first, highly complex and game changing deal for two member-based organisations. We acted for RACQ on its merger with QT Mutual Bank (QTMB) with the transaction completed on 24 November 2016.

The merger between a motoring body and an Authorised Deposit-Taking Institution (ADI) was unique and will provide Queenslanders with a new member-owned force in banking. The transaction was led by Jim Peterson and Ben Wood and involved up to 20 lawyers throughout the firm. We acted for RACQ on various legal work streams, including due diligence, submissions for regulatory approvals, drafting disclosure materials and transaction implementation, in respect of the 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.

To find out more, contact Jim Peterson.