Karen Evans-Cullen

Biography

Karen is a partner in our Corporate Advisory group.

She has over 25 years’ experience as a strategic mergers and acquisitions and corporate governance and advisory lawyer. Karen has acted in a number of Australia’s significant strategic corporate transactions, including a range of takeovers, schemes of arrangement, mergers, demergers, acquisitions and divestments, and equity capital raisings. 

She advises clients on transactions across a broad range of industry sectors and is highly regarded for her ability to deliver innovative solutions to achieve her client’s objectives. 

Karen has established a strong reputation for advising boards and management on corporate governance issues including governance practices and processes, risk management, board effectiveness, continuous disclosure, regulatory investigations, related party transactions, directors’ duties and executive remuneration. 

Karen was a part-time member of the Australian Takeovers Panel, a government appointed peer review body that regulates corporate control transactions in widely held Australian entities, from 2014 to 2023. 

Karen was Acting General Counsel at PwC Australia on an 8 month secondment in 2023. She was a member of the firm’s executive leadership team as it undertook a broad-ranging review and investigation into various leadership, governance and accountability issues arising out of the findings of the Tax Practitioners Board in relation to the firm. 

Karen has a Master of Laws (Distinction) from Georgetown University USA, which she completed as a Fulbright Scholar. She also has a Bachelor Laws (1st class Honours) from the University of Western Australia, and a Graduate Diploma in Applied Finance and Investment (Securities Institute of Australia). 

Experience

Karen’s experience includes advising:

  • CRH on its acquisition of a majority stake in Adbri Ltd by scheme of arrangement giving Adbri an implied equity value of $2.1 billion.

  • QANTM Intellectual Property (QANTM) on its acquisition by funds controlled by Adamantem Capital by scheme of arrangement.

  • PwC on the sale of its shareholding in PwC Indigenous Consulting to Deloitte.

  • Wesfarmers on its acquisition of Silk Laser Australia by way of scheme of arrangement.

  • PwC on the sale of its government consulting business, Scyne Advisory, to Allegro Funds.

  • Mitsubishi UFJ Trust and Banking Corporation (MUTB), on its acquisition of Link Group by scheme of arrangement, giving Link Group an enterprise value of $2.1 billion.

  • CIMIC on its response to the unsolicited takeover bid by HOCHTIEF Australia, valuing CIMIC at $6.85 billion.

  • Virtus Health on the competing proposed scheme of arrangement and simultaneous takeover bid by CapVest and unsolicited, but ultimately recommended, takeover bid by BGH Capital.

  • Macquarie Asset Management and its co-investors on the $3.58 billion sale of Axicom.

  • Growthpoint Properties Australia on the acquisition of Fortius Funds Management.

  • Sydney Airport trustee on its 2020 $2 billion entitlement offer and various governance issues.

  • Opteon on Anacacia Capital’s investment in its business.

  • Telstra on a major corporate transformation strategy involving a comprehensive review of Telstra’s operations and strategic demerger options.

  • Newmont Mining Corporation on the restructure of its Australian business.

  • Saracen Mining on its takeover bid for Bligh Resources.

Awards and Recognition

  • Chambers Asia-Pacific 2025

    Karen is ranked for Corporate/M&A

  • Lawyers Weekly Partner of the Year Awards 2020

    Partner of the Year

  • Best Lawyers Australia 2012 to 2024

    Ranked for Mergers and Acquisitions, Corporate and Corporate Governance since 2012

  • International Who’s Who of Merger & Acquisition and Governance Lawyers 2012 to 2024

    Ranked a leading lawyer since 2012

  • IFLR1000 2012 to 2024

    Ranked a leading lawyer in Mergers & Acquisitions and Capital Markets since 2012