Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Energy Super on its merger with LGIAsuper.
Following the completion of LGIAsuper’s acquisition of Suncorp’s superannuation business, the merger of Energy Super and LGIAsuper will see a combined fund size of A$28 billion and a membership of approximately 250,000 members. The merger is expected to increase investment opportunities, deliver strong and sustainable long-term returns, lower investment and administration fees, improve access to enhanced products and services and provide even greater presence in regional areas.
Corrs advised Energy Super on all aspects of the transaction from due diligence to regulatory and board approval.
Commenting on the matter, lead partner and Head of Financial Services Michael Chaaya said: “Corrs is excited to have advised our long standing Queensland client Energy Super in this matter. Regulatory and market pressure will continue to be a feature of the Australian superannuation landscape and we are delighted to have achieved such a successful outcome despite these challenges.”
Hamish McKellar, General Counsel and Company Secretary of the merged entity, was equally delighted with the result, commenting: “The merger is a credit to both Energy Super and LGIAsuper and their respective boards and executive teams, as well as the external advisers involved. We were fortunate to have Michael Chaaya and the Corrs team lead us on the legal front through a very significant transaction for Energy Super – their wise counsel and commercial approach meant we were in very capable hands.”