Firms: Clayton Utz (Quest Apartment Hotels); King & Wood Mallesons (Ascott Limited)
Deal: Quest Apartment Hotels (Quest) has been advised on the sale of a majority stake to The Ascott Limited, a subsidiary of SGX-listed CapitaLand, supporting the expansion of the Quest brand.
The transaction was announced to the market on 5 July.
Value: $193 million
Key players: The legal team advising Quest was led by Clayton Utz M&A partner Andrew Walker and senior associate Aimee Nguyen, with assistance from lawyers Tiffany Leach and Chris Fitzgerald.
Deal significance: According to a statement from Clayton Utz, under the terms of the deal, the founders of Quest will sell a 60 per cent stake for cash consideration of $193 million.
This will effectively increase Ascott’s interest in Quest to 80 per cent, the firm said.