Westpac Banking Corporation has agreed to sell Hastings Management’s international businesses to Northill Capital after an earlier attempt to offload the infrastructure subsidiary failed.
Westpac and Northill announced today that they have entered into a definitive agreement in relation to the sale and purchase of the international businesses of Hastings managed out of the UK and US.
Hastings has been up for sale for more than 18 months.
Today’s announcement comes after Westpac and London-based asset manager Northill announced in November that they have entered into an agreement regarding the sale of Hastings Funds Management, but said the terms, including price, were confidential.
Earlier this month, IPE Real Assets also reported that some of the largest superannuation fund investors in Hastings Funds Management have thrown up roadblocks to the sale of the business as British suitor Northill undertakes due diligence.
The companies said today that Hastings and Westpac will continue to work with Northill to ensure the transfer of the Hastings international businesses is executed in a manner that supports clients, employees and other stakeholders.
Westpac confirmed that the Hastings Australian business will continue to fulfil its contractual obligations to all clients.
Northill will be investing over the long term to further develop Hastings’ international businesses, it said.
The businesses manage a portfolio of infrastructure debt and equity assets across the US, UK, Europe and Australia for a number of global institutional investors.
Westpac and Northill said the transaction is subject to regulatory approvals.