August 11, 2020
Doyle's Guide

KWM advises Steadfast on proposed acquisition of Calliden Group

King & Wood Mallesons is acting for Steadfast Group Limited on the proposed acquisition of Calliden Group Limited by way of scheme of arrangement and related on-sale of the Calliden general insurance operations to Munich Holdings of Australasia (MHA) (a subsidiary of Munich Re), which is to occur immediately after the scheme is implemented.  Yesterday, Steadfast and Calliden entered into a scheme implementation deed and Steadfast and MHA entered into a business sale agreement.

Calliden shareholders will receive 46.5 cents per share if the Scheme is approved (or a total of $105.4 million), consisting of cash consideration from Steadfast of 41.5 cents per share and a special franked dividend of 5.0 cents per share from Calliden.

The King & Wood Mallesons team was led by Partner Shannon Finch, Senior Associate Jonathan Grant and Solicitor Martine Phillips.

King & Wood Mallesons also acted for Steadfast on its share sale facility announced yesterday to facilitate the orderly sale of certain escrowed shares issued by Steadfast last year in connection with its IPO.  King & Wood Mallesons were lead legal advisers to Steadfast on its IPO.

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