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Stuart McCulloch

Stuart McCulloch

Partner since 1997
BA MA (OXF)
Sydney | +61 2 9230 4420
Stuart.McCulloch@allens.com.au


Stuart is one of Australia's leading securities lawyers. He practices in all aspects of securities law, including capital raisings, underwritings, takeovers, schemes of arrangement and private company mergers and acquisitions.

Stuart is consistently recognised as a leading practitioner in his field by publications such as Chambers Global, Chambers Asia-Pacific, Practical Law for Companies, Asia Pacific Legal 500, Who's Who Legal, Best Lawyers and IFLR 1000. He is praised by clients as having a 'sound combination of technical skill and commerciality' (Chambers Asia Pacific 2016).

Significant M&A transactions on which Stuart has advised include:

  • DUET on the A$7.3 billion proposed acquisition by a consortium including CKI.
  • Morgan Stanley Real Estate Investing on the competitive sale process of the Investa office management platform, which provides asset and property management services to over A$8.9 billion of commercial office assets.
  • Frasers Centrepoint on its A$2.6 billion takeover of Australand.
  • GPT Group on its proposed acquisition of Australand and takeover offer for Commonwealth Property Office Fund.
  • News Corporation on its A$2 billion acquisition of Consolidated Media Holdings Limited.
  • the Goodman led consortium in the A$1.4 billion acquisition of the ING Industrial Trust.
  • the A$2.4 billion merger of MBF and BUPA.
  • the A$2.2 billion acquisition of Coates Hire by Carlyle and National Hire.
  • the A$1 billion takeover of Resource Pacific by Xstrata.
  • the acquisition, and subsequent A$2.7 billion IPO, of Boart Longyear by a Macquarie Bank led consortium.
  • Brambles' A$1.8 billion sale of its Cleanaway and BIS businesses to KKR.
  • the A$4.5 billion merger of Macquarie Goodman Management Limited and the Macquarie Goodman Industrial Trust.

Stuart has also acted on a number of significant equity capital markets transactions, including:

  • the sell down by Westpac of a A$700 million share in BT Investments.
  • Westpac on its A$3.5 billion rights issue and underwritten DRP.
  • the joint lead managers (Citi, Deutsche Bank, Macquarie Capital and UBS) on Link Administration Holdings' A$946 million initial public offer.
  • DUET on its A$1.67 billion equity raising to fund the proposed acquisition of Energy Developments Limited for A$1.4 billion.
  • Westpac on numerous Tier 1 hybrid issues: SPS I, CPS, WCN 1-4.
  • Woolworths and Shopping Centres Australasia Group on the establishment and A$1.4 billion IPO of the SCA Property Group.
  • Queensland Treasury on the A$4.6 billion IPO of QR National.
  • Goodman Group on a A$1.3 billion institutional placement and entitlement offer, and a A$500 million convertible preferential security investment by China Investment Corporation.
  • Westpac on its A$2.5 billion institutional placement and share purchase plan.
  • IPOs for Boart Longyear, SCA Property Group, ALE Property Group, Charter Hall and Trafalgar Corporate Group.