Ashurst has acted for the consortium of KKR, Varde Partners and Deutsche Bank in the A$8.2 billion acquisition of GE Capital Finance Australasia Pty Ltd's Australian and New Zealand consumer lending business, one of the largest private equity transactions ever in Australia and New Zealand.

GE's consumer lending business has more than three million customers and offers a range of consumer financial products including sales finance, credit cards, personal loans and consumer credit insurance.

The deal, undertaken through a bid vehicle structure, remains subject to regulatory approvals.

Ashurst is delighted to have acted on behalf of KKR, one of the world's leading private equity houses, as well as for Deutsche Bank and Varde on such a significant M&A transaction.

Ed Bostock, Australian KKR director stated: "We are delighted to have the opportunity to partner with Varde Partners and Deutsche Bank to support both existing and new customers and product growth in the years to come."

George Hicks, a founding partner and co-chief executive of Varde Partners stated: "Varde Partners believes this partnership will provide a platform for growth in the dynamic consumer finance market in Australia and New Zealand.  It is a natural extension of our deep expertise in speciality consumer finance and a great fit for us."

The Ashurst team was led by partner Mark Stanbridge, and included partners Murray Wheater and David McManus, special counsel Rupert Nolan, senior associates Ben Langford, Michael Dearden, Raymond Lou and Peter Atkin, and lawyers Genovieve Lajeunesse, Rupert Nolan, Rosa Chen, Justin Steele, Hector Williamson and Lily Zhang (Corporate); partners Jonathan Gordon and Lisa Simmons with lawyer Salem Hassan (Regulatory); partner Vivian Chang, special counsel Bill Cannon and consultant Ian Fullerton (Tax); partner Kenneth Nguyen and lawyer Amanda Lau (Banking); partner Jennie Mansfield senior associate Julie Mills and lawyer Hannah Martin (Employment); partners Anita Cade and Tim Brookes, senior associate Karen Dwyer, with lawyers Mary Papadopoulos, Tanvi Mehta and Kanin Lwin (Intellectual Property/TMT); partner Jason Cornwall-Jones and senior associate Gaby Stach (Property); partner Con Tzerefos and lawyer Jared Lynch (Superannuation); partner Sonia Tame (Class action litigation); partner James Marshall, senior associate Tom McDonald, with lawyers Ashleigh Kable and Chris Moses (Insolvency); with partners Bill Gray and Margaret Sheehan from Ashurst's New York office.

Herbert Smith Freehills were legal advisors to the consortium on debt financing matters. Other advisors to the consortium included HWL Ebsworth on Australian consumer credit due diligence; Mayne Wetherell on New Zealand aspects of the deal; Ernst and Young on tax and Moelis & Co were financial advisors. Bank of America Merrill Lynch and Citibank were financial advisors to KKR.

GE Capital Finance Australasia Pty Ltd were advised by King and Wood Mallesons, and Credit Suisse and Morgan Stanley provided financial advice.