Westpac and Northill Capital enter into an agreement regarding sale of Hastings
3 November, 2017
Westpac Banking Corporation (ASX:WBC) and Northill Capital (“Northill”) have announced that they have entered into an agreement regarding the sale of Hastings.
Northill is an independent, privately held asset management business, established in London in 2010. Northill is a long-term investor in high quality, specialist asset management businesses, with extensive global operating experience. As at 30 September 2017, assets under management by businesses in which Northill owns a majority interest total approximately US$48 billion. Northill is focused on investing in a long-term partnership, supporting the continued development of Hastings as an independent asset management business and providing significant co-investment capital to enhance alignment with investors.
Hastings is a long established, global infrastructure manager founded in 1994 and headquartered in Australia. Hastings established one of the first unlisted infrastructure equity funds in 1994 and one of the first infrastructure-focused debt funds in 1999. Hastings currently manages A$12.6 billion in funds on behalf of institutional investors and employs more than 100 staff across offices in Melbourne, Sydney, London, New York and Asia.
The agreement in relation to the proposed sale is subject to confirmatory due diligence and regulatory approvals.
The terms of the agreement (including price) are currently confidential.