Big Law

Clayton Utz in ABC deal

CLAYTON UTZ is set to get busy after announcing it has been appointed to advise Morgan Stanley Private Equity on its planned join venture with ABC Learning Centres. Karen Evans-Cullen, mergers…

April 03, 2008 • By Lawyers Weekly

CLAYTON UTZ is set to get busy after announcing it has been appointed to advise Morgan Stanley Private Equity on its planned join venture with ABC Learning Centres.

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Karen Evans-Cullen, mergers and acquisitions partner at Clayton Utz is leading the firm in the deal, with a team that includes corporate M&A partners Jonathan Algar and Stuart Byrne, as well as other lawyers from Clayton Utz’s practice groups assisting on due diligence. The deal will see Morgan Stanley invest $200 million in ABC via a convertible note entitling them to a 10 per cent share capital in the company.

Valued at US$780 million, the transaction has already seen ABC enter into a memorandum of understanding with Morgan Stanley for a 60 per cent sale interest in its US business.

Evans-Cullen says the next step will be the completion of due diligence and negotiation of definitive documentation over the coming week.

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Clayton Utz in ABC deal