Login
Morrison & Co consortium advised on Telstra InfraCo Towers deal
Clifford Chance has advised the lenders to a consortium led by Morrison & Co, which revolves around the acquisition financing of a 49 per cent stake in Telstra’s InfraCo Towers business.
Emma Musgrave
Firm: Clifford Chance (The consortium, which comprises Future Fund, Commonwealth Superannuation Corporation, and Sunsuper).
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: The consortium has obtained financing commitments from Barclays, Commonwealth Bank of Australia, and National Australia Bank to support its successful bid for the minority stake in Telstra’s InfraCo Towers business.
Value: $2.8 billion.
Area: Banking and finance.
Key players: The Clifford Chance team advising the lenders was led by Australian managing partner Richard Gordon, together with partners Chad Bochan and Nadia Kalic. They were supported by senior associates Victor Greenstreet and Dean Bao, associate Madeleine Burrill, and graduates Molly Tredinnick and Max Beavis.
Deal significance: As per a statement provided by Clifford Chance, Telstra will use the proceeds from the investment – which values the business at $5.9 billion in total – for investment in mobile connectivity in regional Australia, in addition to returning proceeds to Telstra’s shareholders.
“We were delighted to support the lenders to the Morrison & Co consortium on this high-profile transaction, which represents one of the largest infrastructure transactions in Australia in recent years,” Australian managing partner Richard Gordon said.
“The deal demonstrates Clifford Chance’s leading position in the project and infrastructure space. We congratulate the parties on reaching a successful close of the transaction.”
