NSW State Super’s $A1 billion+ sale of StatePlus to First State Super
Largest wealth management transaction since 20131.
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SAS Trustee Corporation (STC), Australia’s third largest public sector superannuation fund, sold its wholly-owned financial planning and retirement advice business StatePlus to industry super fund First State Super for over $A1 billion.
The transaction allowed STC to realise a substantial gain on the sale of StatePlus, which was set up in 1990 and grew organically to be the 8th largest financial planning network in Australia.
Macquarie Capital advised STC on the dual track sale process of StatePlus, running a simultaneous trade sale and IPO which resulted in the receipt of binding trade sale proposals and an underwritten IPO proposal. STC was provided the maximum pricing tension, optionality and execution certainty.
Global networks leveraged
Both domestic and global networks were utilised, creating a high quality field of potential trade bidders and a consortium of IPO investors
To maximise competitive tension and minimise leak risk, the team created a unique process for sequencing the receipt of trade sale proposals and IPO consortium commitments
1. Dealogic, by deal value for any announced M&A Australian involvement from 1 Jan 2013 - 1 August 2017.