Allens advises FOXTEL on proposal to acquire AUSTAR
26 May 2011
Allens Arthur Robinson (Allens) is advising Australia's leading subscription television provider FOXTEL on its proposal to acquire AUSTAR at a price of A$1.52 per share.
If it were implemented, the deal would bring together two of Australia's major subscription TV service providers, creating one of Australia's largest media businesses with more than 2,500 full-time equivalent employees and anticipated revenues of more than A$2.8 billion.
Under the proposed deal, announced 26 May, FOXTEL would acquire 100 per cent of the shares in AUSTAR and the two businesses would merge.
The transaction – which remains indicative, non-binding and subject to a number of conditions – would be funded by a combination of FOXTEL bank debt and shareholder capital contributions.
Partners Kylie Brown and Jacqueline Downes led the Allens team on the transaction.
'We are delighted to be working with FOXTEL on this transaction,' Ms Brown said.
'We look forward to continuing our involvement as the parties move towards due diligence, the negotiation of definitive documents and engagement with the ACCC.'
| Allens legal team | Kylie Brown (Mergers & Acquisitions Partner – Sydney), Jacqueline Downes (Competition Partner – Sydney), Charles Armitage (Tax Partner – Sydney), Alan Maxton (Banking & Financial Services Partner – Sydney), Ewen Crouch (Mergers & Acquisitions Partner – Sydney), Robert Kerr (Mergers & Acquisitions Senior Associate – Sydney), Richard Bell (Mergers & Acquisitions Senior Overseas Practitioner – Sydney) |
Ends
For further information, please contact:
- Susan CowenCommunications Coordinator,
Melbourne
Ph: +61 3 9613 8374
Susan.Cowen@allens.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.