King & Wood Mallesons has advised General Electric (GE) on the sale of its Commercial Distribution Finance (CDF) business in Australia and New Zealand to Wells Fargo.

Listed on the NYSE, Wells Fargo delivers banking, insurance, investments, mortgage, and consumer and commercial financial services.

The acquisition includes CDF assets, and 123 team members across 5 sites in Australia, along with CDF assets and 7 team members across 2 sites in New Zealand.

The KWM team advised on all aspects of the cross border acquisition, bringing in expertise across the firm including advising on the employment and tax aspects of the deal.

The team was led by M&A partner Peter Stirling, supported by senior associate Michelle Siekierka. Partner Andrew Maynes advised on the banking aspects of the acquisition, supported by senior associate Llon Riley.

Commenting on the deal, KWM partner Peter Stirling said, “We are delighted to continue our longstanding relationship with GE by supporting them on this transaction, which is an important step in their strategy of moving to a smaller, safer, financial services company.”