Herbert Smith Freehills has advised UBS AG, Australian Branch (UBS) and Macquarie Capital (Australia) Limited (Macquarie) as joint lead managers in relation to Westpac Banking Corporation’s (Westpac) sell down of shares in BT Investment Management Limited (BTIM) by way of a fully underwritten institutional offer of 55 million shares (approximately 19% of BTIM’s issued capital) at A$8.20 per share, for total consideration of A$451 million, and a fully underwritten retail offer to existing Westpac and BTIM shareholders of 27 million shares (approximately 9% of BTIM’s issued capital) at A$8.20 per share, for total consideration of A$221.4 million.

Westpac’s holding in BTIM will reduce from its current 59% to approximately 31% as a result of the transaction.

The Herbert Smith Freehills team was led by partner Philippa Stone, special counsel Rob Finlay and solicitor Ben Robinson.

Philippa Stone said, ‘Westpac’s partial sell-down of its holding in BTIM by way of a block trade and subsequent retail offer is an innovative transaction in the Australian market, and we are delighted to have acted for UBS and Macquarie.”

Westpac was advised by Allens Linklaters and BTIM was advised by Allen & Overy.

Herbert Smith Freehills’ capital markets team has also recently acted for:

    * Genworth Financial on its A$284.28 million fully-underwritten sell-down of shares in Genworth Australia;
    * Woodside on Shell’s A$3.23 billion underwritten sell-down;
    * SurfStitch on its A$214.0 million IPO;
    * The Commonwealth of Australia on the A$5.9 billion Medibank Private IPO; and
    * Healthscope on its A$3.6 billion IPO.