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Cross-border Aconex takeover complete
Oracle’s cross-border acquisition of cloud-based enterprise business solutions provider Aconex is expected to be one of the largest technology transactions in Australia for the 2017-18 period.
Melissa Coade
Firms: Clifford Chance and Hogan Lovells (Oracle Corporation); Herbert Smith Freehills (Aconex Limited)
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Deal: Oracle Corporation (Oracle) has acquired Aconex Limited (Aconex) in Australia.
Value: $1.6 billion
Area: M&A
Key players: Clifford Chance lead partner Dave Poddar (pictured) advised Oracle Corporation on the ACCC and FIRB aspects of the Aconex takeover. Counsel Amelia Horvath and senior associate Mark Grime assisted with the deal.
Hogan Lovells advised Oracle on the corporate aspects of the deal.
Significance: Oracle's public company acquisition of Aconex was a cross-border transaction involving German, Australian and UK jurisdictions.
Aconex is a cloud-based enterprise business solutions provider in Australia.
In December last year, the Aconex board unanimously endorsed Oracle's takeover proposal, which led to Aconex shares reaching a 16-month high of $7.655.
According to Clifford Chance, the takeover deal was finalised by the end of 2018 first quarter.
