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Billion-dollar telecom deal calls up firm heavyweights
Minter Ellison and K&L Gates acted on TPG Telecom’s proposed takeover of iiNet.
Digital
Firms: Minter Ellison (TPG Telecom); K&L Gates (iiNet).
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Deal: TPG Telecom’s takeover of iiNet, Australia’s second largest DSL internet service provider, by way of a recommended scheme of arrangement.
Value: $1.4 billion
Area: M&A
Key players: Minters acted as legal adviser to TPG, with a team led by deals chair Costas Condoleon (pictured) and senior associate Michael Gajic. Competition and regulatory partner Katrina Groshinski and finance parter John Mosley, along with their teams, also assisted on the deal.
K&L Gates partner Simon Salter led the legal team acting for iiNet.
Deal significance: TPG Telecom’s acquisition of iiNet will increase TPG’s broadband subscriber base to more than 1.7 million customers and deliver scale benefits in an NBN environment.
A meeting of iiNet shareholders to approve the takeover by scheme is expected to be held in June.
The cash consideration of $8.60 per share values iiNet at approximately $1.4 billion.
