Freedom Insurance Group Ltd. (ASX:FIG) entered into an agreement to acquire St Andrew's Australia Services Pty Ltd from Bank of Queensland Limited (ASX:BOQ) for AUD 65 million on April 17, 2018. The transaction will be funded through a reinsurance agreement with subsidiary of St Andrew's Australia Services Pty Ltd for funding of AUD 35 million, cash of AUD 10 million, and AUD 20 million in new debt. As a result of the transaction, the team of St Andrew's Australia Services will join Freedom Insurance Group Ltd. For the period ended February 28, 2018, St Andrew's Australia Services reported total assets of AUD 75.1 million and net assets of AUD 14.1 million.

The transaction is subject to completion of reinsurance agreement and regulatory approvals. The transaction is expected to close in second half of 2018. As of August 29, 2018, the transaction is expected to complete in 2019. The transaction will have no effect on the earning per share in year one and positive thereafter of Freedom Insurance Group Ltd. The transaction is expected to have a positive impact on the financials of Bank of Queensland Limited. Aura Group Pty Ltd acted as financial advisor, Ashurst Australia acted as legal advisor and Deloitte Touche Tohmatsu Australia acted as financial and tax advisor to Freedom Insurance Group Ltd. Peter Dunne, Michael Vrisakis, Philip Hopley, Yuban Moodley, Wendy Tian, Liz McKinstry and Rebekah Lam of Herbert Smith Freehills acted as legal advisors to Bank of Queensland Limited.

Freedom Insurance Group Ltd. (ASX:FIG) cancelled the acquisition of St Andrew's Australia Services Pty Ltd from Bank of Queensland Limited (ASX:BOQ) on December 10, 2018.