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JWS only adviser on $631m block trade

JWS only adviser on $631m block trade

Johnson Winter & Slattery acted in a $631 million block trade in Transurban Group securities.


The law firm acted for infrastructure specialist fund manager CP2 Limited on the block trade of a 7.9 per cent security holding in Transurban Group. It was underwritten by UBS AG.

The firm was the only external firm working on the deal. UBS's in-house team did however play a role.

JWS organised a number of investment banks to bid to underwrite the trade and the firm's team leader Damian Reichel said the process was delivered in a tight time frame.

"The process, from the initial contact with the respective banks to receipt of final bids, was completed within a tight 14 hour overnight timeframe. This allowed for market soundings, negotiation of the underwriting terms and execution of the trade while ASX trading was closed. We are pleased to have achieved a successful outcome for our client CP2 Limited."

JWS acted for CP2 on all legal aspects of the transaction in addition to managing the process, including simultaneous overnight negotiations with the various bidding banks to settle the terms of the respective underwriting agreements which would apply if the bidding bank was successful in its bid.

The block trade achieved a portfolio rebalancing for two of CP2’s clients that had significantly increased their long-term exposure to Australian toll roads through the CP2/Horizon Roads acquisition of ConnectEast Group, on which JWS also acted.

Following the transaction, two other CP2 clients have a continuing investment in Transurban. 

 

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