find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Largest M&A deal of 2016 reaches completion

Largest M&A deal of 2016 reaches completion

Four firms have advised on the Ausgrid mega-lease, worth approximately $16.19 billion.

Firms: Clayton Utz (financiers, comprised of 15 banks, both on and offshore); Ashurst, Herbert Smith Freehills (IFM Investors, AustralianSuper); Allens (Ausgrid)

Deal: The partial lease of Ausgrid by IFM Investors and AustralianSuper.

Value: Approx. $16.19 billion

Area: M&A

Key players: Partner Dan Fitts led the Clayton Utz advisory team, with assistance from special counsel Tricia Moloney and Maria Ratner.

Deal significance: The long-term lease is Australia's largest M&A transaction to date this year, and the largest single payment that has ever had to be processed by the Australian banking system.

“That involved having to have discussions with the Reserve Bank and [others] to ensure that the banking system could handle it,” Mr Fitts told Lawyers Weekly.

“The Australian banking system at any one time only holds about $23 billion of liquidity, and our single payment was going to absorb over half of the Australian banking system on that morning, so that required a degree of coordination.”

The transaction saw the consortium comprised of IFM Investors and AustralianSuper acquire 50.4 per cent of the long-term lease of Ausgrid, with the NSW government retaining a 49.6 per cent stake. The proceeds of the acquisition will be used to fund part of the $20 billion Rebuilding NSW plan.

Looking to 2017, Mr Fitts said M&A in the infrastructure space looks fairly strong, with a number of privatisations getting underway early in the new year in Victoria and NSW.

“Our sense is that the next year is going to be quite active,” he said.

“Where it is still a little bit weak, I think, is in that mid-level M&A market.

“We are seeing a number of these really large, significant privatisations and M&A transactions but from what we can see, the volume of smaller to mid-sized deals that keep the market ticking along is probably not as strong as it could be.

“Otherwise we’re generally feeling quite confident that there will be a reasonable amount of work next year.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Largest M&A deal of 2016 reaches completion
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...