NEWS

Allens advises consortium on $9.05bn acquisition of Asciano

By Tom Story, Guy Alexander, Wendy Rae
Mergers & Acquisitions Private Capital

Allens today announced that it is advising the consortium purchaser on the proposed acquisition of Asciano Limited for cash consideration of $9.05 billion by way of a scheme of arrangement.

The consortium (the Rail Consortium) consists of Global Infrastructure Management, LLC (GIP), Canada Pension Plan Investment Board (CPPIB), CIC Capital Corporation (CIC Capital), GIC Private Limited (GIC) and British Columbia Investment Management Corporation (bcIMC).

As part of the transaction, Asciano's Ports business will be acquired for $2.915 billion by a joint venture comprising of Qube and a Brookfield consortium.

A Brookfield consortium will also acquire Asciano's Bulk & Automotive Port Services (BAPS) business for $925 million.

The Allens team was led by M&A partners Tom Story, Guy Alexander and Wendy Rae, who said the high-profile deal was one of the most interesting and complex transactions they had worked on.

'It is great to get the revised all cash transaction announced, and we look forward to closing the deal,' Guy Alexander said.

'There have been lots of twists and turns along the way, but the proposed transaction structure – subject to regulatory approval – will enable Asciano's Pacific National, Ports and BAPS businesses to enter their next phase of operations under private ownership,' said Tom Story.

Wendy Rae commented that: 'The transaction has required complex and lengthy engagement with various Australian regulators, including ASIC, FIRB, the ASX and, of course, the ACCC.'

The transaction is subject to a number of conditions including shareholder and regulatory approval.

Allens' market-leading M&A team has acted on most of the significant M&A deals in the Australian market in the last 12 months, including each of the top 5 public M&A deals for the second half of 2015. The Allens M&A team is ranked Band 1 in Chambers Asia Pacific 2016.

Allens legal team

Co-Lead Corporate Partners Tom Story, Guy Alexander and Wendy Rae; Emin Altiparmak, Partner; Jacqui Downes, Competition Partner; James Darcy, Banking Partner; Andrew Wong, Managing Associate; Michelle Bennett, Managing Associate; Chris Patten, Managing Associate; Gadi Bloch, Senior Counsel; Felicity McMahon, Senior Associate; and Sean Cole, Senior Associate

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.