International law firm CMS has advised NatWest Group on its acquisition of a majority shareholding in Cushon, a workplace savings and pensions fintech. Cushon currently serves 500,000 members and has £1.7 billion of assets under management.
The deal is subject to regulatory approval and is expected to complete in late 2023.
Emma Clark, CMS Corporate Partner, commented: “We are delighted to have worked with our long-standing client NatWest, and to have supported such a strategically important transaction for the bank.”
Johanna Clarke, CMS Pensions Partner, said: “The CMS Pensions Team has been at the forefront of advising on DC master trusts for over a decade, and we’re delighted to have been able to support on this key transaction in the master trust market.”
The CMS team was led by Emma Clark (Corporate), supported by Ruth Jones, Corinna Lee and Jasmine Bennett (Corporate) and Andy Quayle (Incentives). The Pensions team was led by Johanna Clarke, supported by Katie Millard, Tom Bates and Harriet Dammone (Pensions). The wider CMS team included Angela Greenough and Liz Jewitt (Regulatory); Gillian MacLellan (Employment); Ruth Marken and Paula Hryckowiak (Banking); Cynthia Johnson (IP/DP); and Sam Dames (Tax).
