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Firms act on QR share buy-back

Firms act on QR share buy-back

King & Wood Mallesons, Clayton Utz and Rothschild have advised on QR National’s agreement to buy back $1 billion of Queensland Treasury Holdings Pty Ltd’s stake.

Firms: King & Wood Mallesons (QR National Limited); Clayton Utz and Rothschild (QTH)

Deal: Proposed selective share buy-back

Area: Corporate

Value: Undisclosed

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.

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