Allens advises consortium on $9.05bn acquisition of Asciano

Led by Tom Story, Guy Alexander, Wendy Rae
Infrastructure & Transport Mergers & Acquisitions Private Capital

Allens is pleased to have advised a consortium consisting 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) on the acquisition of Asciano Limited for cash consideration of $9.05 billion by way of scheme of arrangement. The transaction completed on 19 August 2016, following Court, shareholder and regulatory approvals.

As part of the breakup transaction, Asciano's Ports business was acquired for $2.915 billion by a joint venture comprising of Qube and a Brookfield consortium. A Brookfield consortium also acquired Asciano's Bulk & Automotive Port Services (BAPS) business for $925 million.

The transaction had a number of twists and turns along the way – from the original Brookfield cash and scrip scheme; the acquisition by each of the Qube Consortium and Brookfield Consortium of 19.9% stakes; the Brookfield consortium takeover proposal followed by the Qube consortium recommended takeover proposal; culminating in the joint scheme and court and regulatory approvals.

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.

'Congratulations to the consortium on closing this landmark deal. We are very proud of the part we were able to play in bringing it about,'Wendy Rae said.

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. 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; Marc Kemp – Funds Partner; Andrew Wong – Managing Associate; Michelle Bennett – Managing Associate; Chris Patten – Managing Associate; Gadi Bloch – Senior Counsel; James Kanabar – Senior Overseas Practitioner; Felicity McMahon – Senior Associate; Felicity O'Brien – Senior Associate; Sean Cole – Senior Associate; and Patrick Boyle – Associate.


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.