Global law firm DLA Piper has advised Suncorp Group Limited on the sale of S.M.A.R.T. Group, Suncorp's market leading smash repair business in Australia and New Zealand, to AMA Group, for an enterprise value of AUD420 million. In conjunction with this sale DLA Piper also advised Suncorp's sale of ACM Parts for cash consideration of AUD20 million.
Suncorp is one of Australia's largest financial services brands offering home and motor insurance, banking, and superannuation.
Lyndon Masters said: "We are delighted to have worked with Suncorp on these significant transactions; having sold these two businesses allows Suncorp to focus on its core Insurance and Banking businesses, while ensuring a long term partnership with AMA Group to maintain service excellence for their customers."
DLA Piper's cross border, cross practice team was led by partner Lyndon Masters, with support from partners David Lyons, Nicholas Boyle, Reuben Woods, Martin Thomson; special counsel Jennifer Whincup; senior associates Alexander Samson, Elizabeth Campbell, Alexandra Dagger; solicitor Nick Ward; and graduate Mim Sherrington.
Earlier this year, DLA Piper advised Suncorp on the sale of its authorised representative network, Resilium, through a management buyout.