Resource Management Service advised on sale of Tasmanian hardwood estate
Norton Rose Fulbright has advised Resource Management Service, LLC on the sale of Tasmanian hardwood estate.
Firm: Norton Rose Fulbright (Resource Management Service, LLC).
Deal: NRF has advised Resource Management Service, LLC (RMS) on the sale of its Tasmanian hardwood plantations to investment funds advised by Global Forest Partners LP. The deal was completed on 23 December 2019.
Area: Cross-border acquisition.
Key players: The cross-practice NRF team was led by corporate M&A partner Ben Smits and supported by lawyers across corporate M&A, property, environment and planning, regulatory and tax lawyers across Sydney and Melbourne.
Deal significance: Mr Smits commented: “This deal shows a continued interest in Australian land and forestry assets by foreign investors and in addition to FIRB approval, we are pleased to have successfully addressed the ACCC’s concerns on market concentration. The team worked seamlessly alongside Resolute Advisory and interstate counsel to ensure smooth transaction management and delivery.”
Resolute Advisory, an independent M&A advisory firm headquartered in Melbourne, acted as financial adviser to RMS. Michail Lagogiannis, managing director of Resolute Advisory commented: “We were delighted to manage a highly competitive auction, working closely with NRF. The team successfully navigated a wide range of issues and delivered an excellent outcome for RMS.”