Firms: King & Wood Mallesons (QR National Limited); Clayton Utz and Rothschild (QTH)
Deal: Proposed selective share buy-back
Key players: The KWM team was led by M&A partners John Humphrey, David Friedlander and Peter Stirling. They were supported by senior associate Rhys Casey and solicitors Amanda Isouard and Joshua Duffy
Deal significance: QR National has agreed to buy back $1 billion of Queensland Treasury Holdings Pty Ltd’s (QTH) stake (11.9%), subject to shareholder approval. This offer was made in conjunction with a $500 million institutional placement to facilitate a further sell-down by QTH.
The selective share buy-back follows the on-market buy-back announced by QR National on 23 August 2012, for which KWM also acted for the company. “The selective share buy-back is expected to help QR National move towards a more efficient capital structure,” said Casey.