Westpac Banking Corporation intends to sell Hastings Funds Management to Northill Capital after an earlier attempt to offload the infrastructure subsidiary failed.
Australian bank Westpac and London-based asset manager Northill announced today that they have entered into an agreement regarding the sale of Hastings, but said the terms, including price, are currently confidential.
Hastings has been up for sale for more than 18 months, and today’s announcement comes after Westpac in July confirmed discussions with Charter Hall regarding the sale but terminated talks in August.
Hastings manages AUD14.3bn in infrastructure funds on behalf of institutional investors. It is headquartered in Australia, with offices in Melbourne, Sydney, London, New York, Singapore, and Seoul.
Westpac said the agreement with Northill is subject to due diligence and regulatory approvals.