Australia and New Zealand Banking Group Limited (ASX:ANZ) signed a share sale and purchase agreement to acquire SBGH Ltd. from Suncorp Group Limited (ASX:SUN) for AUD 4.9 billion on July 18, 2022. The transaction will be financed from fully underwritten pro rata accelerated renounceable entitlement offer to raise AUD 3.5 billion of ANZ shares. As a part of the transaction, Suncorp Bank will continue to be led by Chief Executive Officer Clive van Horen who will report to ANZ’s Chief Executive Officer and join ANZ’s Executive Committee post completion. As of December 15, 2022, Jeff Smith Joined the board of ANZ. The transaction is subject to a minimum completion period of 12 months and to certain conditions like, regulatory approvals from the Federal Treasurer and the Australian Competition and Consumer Commission. As of December 12, 2022, Australian Competition & Consumer Commission commenced its formal consideration of proposed merger. As of April 4, 2023, the ACCC’s final decision is currently scheduled for June 12, 2023. As of June 6, 2023, ANZ has returned serve to the Australian Competition & Consumer Commission, arguing the regulator wrongly has assumed its takeover bid for Suncorp Bank will squeeze competition. Subject to required approvals, the transaction is expected to close by second half of calendar year 2023.

Matthew FitzGerald, Tony Damian, Lucinda Grant, Caitlin Walker, Kristin Stammer, Ian Reid, Linda Evans, Charlotte Henry and Drew Pearson of Herbert Smith Freehills acted as legal advisors to Suncorp Group Limited. Peter Armitage, Justin Jones Elspeth Arnold and John Brewster from Ashurst Australia acted as a legal advisor to ANZ. Ernst & Young LLP acted as due diligence provider to Suncorp Group Limited. Joseph Muraca, Jack Hill, Caroline Tait, Stacey Stellatos, Sharee Darwinkel, James Atcheson, and Conor O’Sullivan of King & Wood Mallesons acted as legal advisor to ANZ on its AUD 3.5 billion equity capital raising.