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ABL acts for Coverforce on $411.5m sale to Steadfast Group

Capital Markets, Corporate and M&A
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Arnold Bloch Leibler has acted for one of Australia’s largest privately owned insurance brokers, Coverforce, in relation to its $411.5m sale to ASX-listed general insurance business, Steadfast Group.

The milestone transaction, scheduled for completion later this week, will be fully funded through an underwritten $200m institutional placement and $217.8m scrip consideration to the owners of Coverforce.

Corporate and M&A partner Jason van Grieken led the transaction team, with assistance from lawyers Chooi-An Khoo, Megan Hosiosky and Anjali Bethune, and law graduate Natalie Ryan. Jason commented on the transaction: “We’re delighted to have advised the Coverforce team on this milestone transaction, having acted for Coverforce for over 5 years.  We wish the Coverforce team all the best as they integrate with the Steadfast team.”

Coverforce founder and CEO Jim Angelis said: “Jason van Grieken and the team at ABL have been our preferred legal advisors for many years. On every occasion, they have demonstrated an ability to professionally navigate us through some complex transactions. This transaction was no different and I couldn’t imagine completing a deal of this magnitude and complexity without them.”

About Arnold Bloch Leibler

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, private businesses, high-net-worth individuals and international corporations. The firm also has a dedicated public interest practice providing advice to charities and not-for-profit organisations relating to significant legal, social, environmental and cultural issues.

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