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ASX company embarks on $1.2 billion transaction
An ASX-listed company has announced it has entered into a scheme implementation deed in relation to a $1.2 billion buyout and take-private proposal from a private equity firm.
Emma Musgrave
Firms: MinterEllison (Baring Private Equity Asia); Gilbert + Tobin (SAI Global Limited)
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Deal: SAI Global Limited (SAI Global) announced it has entered into a scheme implementation deed in relation to a $1.2 billion buyout and take-private proposal from Baring Private Equity Asia (Baring Asia).
The transaction will be implemented by way of a members’ scheme of arrangement under part five of the Corporations Act 2001.
Value: $1.2 billion
Area: Finance
Key players: The team advising Baring Asia was led by MinterEllison corporate M&A partner Ricky Casali (pictured), with assistance from corporate M&A partners Bart Oude-Vrielink and Michael Gajic, commercial and regulatory – FIRB partner David Moore and financial institutions partner John Mosley.
The team was also supported by HR/IR special counsel Belinda Harding, corporate M&A senior associate Michael Scarf, commercial and regulatory senior associate Mellissa Lai, dispute resolution senior associate Katherine Giles, corporate M&A associate Reiteke Grosser, HR/IR associate Bernadette McCabe and London associate Jessica Perry.
Corporate M&A lawyer Daniel Ezekiel, financial institutions lawyer Miriam Athanassios and dispute resolution lawyer Rochelle Schuenker also assisted with this transaction.
Deal significance: SAI Global is a global risk management, compliance and information business. It operates a property services business in Australia, providing information broking and mortgage settlement services.
SAI Global was listed on the Australian Securities Exchange (ASX) in 2003 by its parent organisation Standards Australia.
Headquartered in Sydney, the company has over 2,000 employees and a presence in 29 countries and 51 locations across Europe, North America, the Middle East and Africa and the Asia-Pacific region.
Its worldwide clients include Burger King, Coca-Cola, Marks & Spencer and McDonald's.
Baring Asia is a leading Asia-Pacific-focused private equity business, comprising funds with over US$9 billion of commitments under management.
“Baring Asia is a longstanding client of MinterEllison and we are very pleased to have advised Baring Asia on all aspects of the proposed take-private of SAI Global,” MinterEllison corporate M&A partner Ricky Casali said.
“The acquisition of SAI Global represents Baring Asia's first major Australian transaction. The transaction demonstrates that offshore private equity fund buyers continue to see value on the public markets.”
