Allens has advised on four major private capital-backed take-private transactions since July, with a combined value of approximately $19 billion.
Driven by surging interest from global private capital investors and strategic acquirers, the firm is advising:
- EQT on its proposed $9.3 billion acquisition of Cleanaway;
- the lenders on the secured financing for the proposed $7.7 billion acquisition of Steadfast Group;
- the lenders on the financing for I Squared Capital's proposed $900 million acquisition of oOh!media; and
- SG Fleet on the financing arrangements for its proposed acquisition of FleetPartners.
'The acceleration of private capital-backed take-privates in recent years – particularly the wave of major transactions in the second half of this year – represents a significant shift in Australia’s M&A financing landscape,' said leveraged finance partner David Couper.
'Larger and more complex take-private transactions require more diverse pools of credit and equity capital to execute. Private and institutional capital, whether by direct lending or co-investment, is increasingly used alongside leveraged loan issuances for these transactions. The depth in funding sources is supporting investment confidence in execution.'
Partner Tom Story, who is leading the EQT transaction, said: 'There is a growing willingness among private capital investors to pursue large, complex investments in businesses that offer strong underlying fundamentals and long-term value. Australia is uniquely positioned to take advantage of this appetite given our political and economic stability and our exposure to market-driving forces like energy transition, superannuation and infrastructure development.
'These mandates reflect the strength of our integrated M&A, financing and regulatory teams and our ability to help clients navigate the complexities of high-profile take-private transactions. We are grateful to our clients for entrusting us with these market-shaping transactions.'