Allens is advising ASX-listed Australian energy company AusNet in relation to the proposed $10.2 billion cash acquisition by a Brookfield-led consortium of 100% of AusNet shares via a scheme of arrangement.
AusNet owns and operates the primary Victorian electricity transmission network, an electricity distribution network and a gas distribution network.
The proposed transaction was announced on 1 November 2021, following a two-month period during which Brookfield and competing bidder APA Group submitted a number of indicative proposals to acquire AusNet. Both bidders were granted due diligence access. The proposed price of $2.65 per AusNet share represents a significant 34% premium to the $1.98 price that AusNet shares were trading at immediately prior to when the market was first informed of Brookfield's interest.
'We congratulate AusNet and its board and management team for their efforts and determination in working to secure a great price for shareholders,' said lead Partner Wendy Rae.
'The deal is further evidence of the growing attractiveness of infrastructure businesses – with stable cash flows and attractive growth prospects – to financial investors and industry players in Australia and globally.
'We look forward to continuing to work with AusNet to complete the proposed transaction.'
The Allens team is being led by corporate Partners Wendy Rae and Craig Henderson, with key assistance from Mergers & Acquisitions Counsel Andrew Wong and Managing Associate Hannah Biggins. AusNet is being advised internally by Naomi Kelly, General Counsel and Evan Holland, Group Counsel.
The proposed transaction is subject to various conditions, including shareholder and Court approvals. Completion is anticipated to occur by March 2022.
Allens legal team
Wendy Rae (Partner), Craig Henderson (Partner), Andrew Wong (Mergers & Acquisitions Counsel), Gadi Bloch (Special Counsel), Hannah Biggins (Managing Associate), Sarah Glynn (Senior Associate), Ben Toscano (Associate), Tessie Chang (Lawyer), Lana Yang (Lawyer), Natasha Pasahidis (Lawyer), Erica Tan (Lawyer)
Joseph Power (Partner), Jay Prasad (Managing Associate), Nancy Goh (Lawyer)