GILBERT + Tobin and Minter Ellison have gone head to head in The Carlyle Group's acquisition of Redflex Holdings, a global traffic safety company.
G+T advised The Carlyle Group and consortium in the deal, which was by scheme of arrangement. Minters was the lead adviser to Redflex.
Law firm Corrs Chambers Westgarth acted for Macquarie, lead by partner Braddon Jolley.
The consortium, comprising The Carlyle Group and Macquarie Group, will purchase all of the ordinary shares in Redflex for A$2.70 per cash share, subject to shareholder and regulatory approval. The deal values Redflex at $340 million.
Carlyle managing director David Stonehill said: “We are pleased to partner with the Redflex management team and Macquarie on this remarkable road safety company, which has a demonstrated track record of financial and operating success in its core markets. This is a rare opportunity to invest in a company whose products save lives.”
Redflex, an ASX listed company, a traffic enforcement products and services company, owns and operates the largest network of digital speed and red-light cameras globally. It is headquartered in Australia but is predominantly based in the US.
Gilbert + Tobin partner Bryan Pointon and lawyer Andrew Crook led the transaction. The Gilbert + Tobin team worked closely with the US based fund to structure a transaction that bridged US and Australian approaches. The transaction involved a unique pricing mechanism for shareholders that met the requirements of US investors and the Australian based Redflex.
It's the first time Minters has acted for Redflex.
Minters' lead partner on the deal, Alberto Colla, said the firm was delighted to have assisted in managing the formal eight-month process to test the global market for whether a suitable takeover proposal could be submitted to the company's shareholders for their consideration.
This followed Macquarie's acquisition of a 10 per cent. stake in Redflex in June 2010 that was coupled at that time with it making an indicative non-binding offer of A$2.50 cash per share."
The transaction is expected to close by June 2011.