Brambles makes multibillion-dollar sale

Value: $3.52 billion 

Area: M&A

Key players: The Allens legal team comprised corporate partners Vijay Cugati and Kate Towey, banking and finance partner Jo Folan, competition partner Carolyn Oddie, corporate senior overseas practitioner Dannie Hanna, competition managing associate Felicity McMahon, corporate senior associate Addison Ma, corporate overseas practitioner Lauren Chamberlain, corporate associate Lisa Gao, and corporate lawyers Elise Blume and Georgie Leahy.

Deal significance: The sale to the consortium “follows a dual track separation process which consisted of running a competitive trade sale, while in parallel, preparing the IFCO business for a demerger by way of scheme of arrangement with subsequent listing on the LSE and ASX,” a statement from Allens explained.

Throughout this deal, the firm advised Brambles on all aspects of the IFCO separation dual track process, with support from Linklaters.

VIEW ALL

“The sale will result in up to US$1.95 billion of the proceeds being returned to Brambles’ shareholders. This will be made up of a pro-rata return of cash of approx. US$300 million and on-market share buyback of up to US$1.65 billion,” the firm noted.

“This transaction is another example of private equity participation in the M&A market and reflects what we are seeing more broadly on recent large-scale transactions,” said lead partner Vijay Cugati.

“It was a pleasure to collaborate with our partners at Linklaters to advise on this cross-border and multi-jurisdictional transaction, which will assist Brambles in executing its business strategy.”