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Magnetic Rail Group acquires One Rail Australia’s East Coast Rail business
BigLaw firm Johnson Winter & Slattery has advised Magnetic Rail Group (MRG) on the acquisition of One Rail Australia’s East Coast Rail (ECR) business from Aurizon.
Jerome Doraisamy
Firm: JWS (Magnetic Rail Group)
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Deal: MRG, a wholly owned subsidiary of Magnetic Infrastructure Group, has acquired One Rail Australia’s ECR business from Aurizon, a coal haulage business that operates in NSW and Queensland and hauls approximately 30 per cent of Hunter Valley export coal volumes and recently expanded its operations into Queensland.
Aurizon reported, JWS said, that after expected completion adjustments, it will receive cash proceeds of approximately $425 million.
Area: Merger and acquisition
Value: Approximately $425 million (according to Aurizon)
Key players: The JWS team was led by partners Bruce Adkins, Stuart Clague, and Simon Haddy, who were assisted by special counsel Jarrod Wilksch and Tom Barrett and associate Haerim Nam.
Deal significance: Speaking about the acquisition, Mr Adkins said: “We were delighted to assist M Infrastructure and ABL with this high-profile and high-value acquisition. We look forward to working with the buyers as they grow the ECR business.”
Completion of the sale of the ECR business is subject to approval by the Australian Competition and Consumer Commission (ACCC), the firm noted.
