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'Largest ever' takeover gets underway

'Largest ever' takeover gets underway

Philippa Stone Herbert Smith Freehills

Two firms are advising on the $8.9 billion acquisition of national logistics firm Asciano Limited, set to become one of Australia's most significant takeover transactions.

Firms: Herbert Smith Freehills (Brookfield Infrastructure Partners); King & Wood Mallesons (Asciano Limited)

Deal: International infrastructure investment group Brookfield Infrastructure Partners is acquiring Australian-based Asciano Limited through a scheme of arrangement

Value: $8.9 billion

Area: M&A

Key Players: The Herbert Smith Freehills team is being led by partner Philippa Stone, special counsel Rob Finlay, senior associates Nick Baker and Glynn Cooper and solicitors Liam Hickey and Ben Robinson. Partners Jay Leary, Liza Carver and Jinny Chaimungkalanont also assisted. The KWM team included partners Stephen Minns (pictured below), Neil Carabine and Nicola Charlston with support from senior associates Rob Kelly and Daniel Natale.

Deal Significance: Brookfield Infrastructure Partners is an international infrastructure investment group proposing to acquire Asciano Limited – one of Australia’s largest logistics firms incorporating Patrick Stevedoring, Pacific National and National Rail, as well as a number of other transport and supply chain operations.

The transaction, if successful, will be one of Australia’s largest takeovers ever and the second-largest deal in Australia this year (next only to BHP Billiton’s demerger of South32), according to Herbert Smith Freehills.

The acquisition will be by way of scheme of arrangement, and will result in the listing of Brookfield Infrastructure Partners L.P. (Brookfield) on the ASX as an exempt foreign listing.

Asciano has agreed to propose a scheme of arrangement with Brookfield, under which a vehicle owned by Brookfield Infrastructure Partners, other Brookfield sponsored and managed private funds, and two institutional partners will acquire all the shares in Asciano, according to a statement from King & Wood Mallesons. Asciano shareholders will receive an implied value of $9.15 per Asciano share.

Brookfield is currently listed on the New York Stock Exchange and Toronto Stock Exchange.


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