Ashurst has advised Nick Scali Limited (NSL) on the sale by Scali Consolidated of part of its shareholding in NSL. At a sale price of $3.80 per share, the sale will raise gross proceeds of approximately A$70 million.

Scali Consolidated has entered into a block trade agreement with Macquarie for the fully underwritten sale of 23% of NSL, after which Scali Consolidated's shareholding in NSL will reduce from 50% to 27%. In conjunction with the sell down, the managing director of NSL, Mr Anthony Scali, has announced that he has increased his economic interest in NSL by acquiring interests in Scali Consolidated from his siblings, Yvonne and Nicky Scali.

Two outcomes from the transactions include that NSL's Managing Director has increased his economic exposure and alignment with the company. Secondly, a number of new institutional shareholders who will enhance the liquidity of NSL shares will be welcomed.

Lead partner on the deal Bill Koeck comments: "We are delighted to have assisted NSL on this important transaction which reflects the generational change in the business over the last few years."
Bill was assisted by lawyer Scott Lai.