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Billion-dollar deal closed

Billion-dollar deal closed

John Williamson-Noble

Two firms have advised on a billion-dollar private equity acquisition, which was finalised late last month.

Firms: Gilbert + Tobin (SAI Global Limited); MinterEllison (Baring Private Equity Asia)

Deal: Baring Private Equity Asia, through its wholly owned subsidiary Casmar (Australia) Pty Ltd, has officially acquired 100 per cent of the shares in SAI Global.

Value: $1.24 billion

Area: M&A

Key players: The legal team advising SAI Global Limited was led by Gilbert + Tobin partners John Williamson-Noble (pictured) and Tim Gordon, with assistance from partners Steven Glass, Crispian Lynch and James Lewis, as well as lawyers Chris Morse, Alice Pailthorpe, Alexandra Whitby, Robert Trowbridge and Ash Wickremasinghe.

Deal significance: The finalised deal saw Baring Private Equity Asia acquire 100 per cent of the shares in SAI Global for $4.75 per share.

The scheme of arrangement was overwhelmingly supported, with 99.88 per cent of the votes cast by shareholders in favour of the transaction.

With an implied enterprise value of over $1.23 billion, the deal is the largest private equity backed public-to-private to be completed in Australia since 2010.

Baring Private Equity Asia is one of the largest independent alternative asset management firms in Asia, advising funds with total committed capital of over US$10 billion.

With its head office in Sydney and more than 50 locations across Australia, Europe, North America, South Africa and Asia, SAI is a leading global provider of risk management products and services.

SAI’s integrated advisory services and platforms include risk management software, standards, regulatory content, compliance and certification programs.

Partner Tim Gordon believes that Gilbert + Tobin’s expertise in advising on market-leading M&A deals positioned the team to seamlessly guide SAI through the transaction.

“We are delighted to have advised on this milestone transaction for SAI’s shareholders,” he said.

“The success of this deal once again highlights Gilbert + Tobin’s ability to work commercially and responsively with our clients and their other advisers to deliver great outcomes.”

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