CSL Limited’s placement to institutional investors is now Australia’s largest transaction of its kind, said the BigLaw firm behind the deal.
Firm: Herbert Smith Freehills (Merrill Lynch Equities Limited, Goldman Sachs Australia)
Deal: Herbert Smith Freehills (HSF) advised Merrill Lynch Equities and Goldman Sachs Australia as the joint lead managers of CSL Limited’s $6.3 billion placement to institutional investors. It is the largest primary issuance by an Australian company ever, and the largest equity capital markets deal of any kind in Australia since 2006.
Value: $6.3 billion.
Area: Capital markets.
Key players: The team was led by partner Philippa Stone, supported by senior associate Michael Burrell and solicitors Denitsa Vasileva and Adrian Palladino.
Deal significance: The proceeds under the placement, and an associated share purchase plan, will partially fund the $16.4 billion acquisition of Vifor Pharma. The acquisition will advance CSL’s 2030 strategy to create value by adding high-growth, cash-generative and sustainable businesses.
Commenting on the deal, Ms Stone said: “We are delighted to have acted for the joint lead managers on this successful capital raising. The offer and the associated acquisition strongly position the company for the future, and we are proud to have been involved.”