Challenger Limited (ASX:CGF) entered into an agreement to acquire Mylifemyfinance Limited from MyLifeMyMoney Superannuation Fund. for AUD 35 million on December 20, 2020. Challenger will hold an Australian Prudential Regulation Authority (APRA) authorized deposit-taking institution (ADI) license.

The acquisition price and capital requirements, including regulatory capital to support growth, will be funded by an AUD 100 million distribution from Challenger Life Company Limited (CLC) during the March 2021 quarter. Mylifemyfinance Limited had net asset value of AUD 18 million. The acquisition is subject to approval by both APRA and the Federal Treasurer.

The acquisition is expected to settle in late March 2021. As of December 23, 2020, the transaction is expected to close in early 2021. As of March 10, 2021, the transaction is pending regulatory approval.

As of July 29, 2021, Challenger s received approval from the Federal Treasurer for the acquisition of MyLifeMy Finance Limited. This approval has now been received and completion of the MyLife MyFinance acquisition is expected to take place on July 30, 2021. Philippa Stone, Michael Burrell, Jennie Bian, Charlotte Henry, Tony Coburn, David Curley and Michael Vrisakis of Herbert Smith Freehills acted as legal advisors to Challenger Limited and Allens acted as legal advisors to MyLifeMyMoney Superannuation Fund.