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ACCIONA makes first Australian infrastructure acquisition

ACCIONA makes first Australian infrastructure acquisition

David Donnelly

Two firms have advised on a $197 million deal which saw ACCIONA acquire an Australian engineering and construction company.

Firms: Allens (ACCIONA); Herbert Smith Freehills (Geotech)

Deal: ACCIONA has been advised on its acquisition of Geotech.

Value: $197 million

Area: M&A

Key players: The Allens legal team is comprised of M&A/corporate partner Paul Quinn, M&A/corporate senior associate Julian Barendse, and M&A/corporate associates Adam Laidlaw and Elysia Longo.

The team also includes projects partner David Donnelly (pictured), projects associate Magda Kucharska, employment partner Simon Dewberry, employment senior associate Chloe Wilton, banking and finance partner Michael Ryan and banking and finance senior overseas practitioner Alex Tonkin.

Deal significance: Geotech is an Australian engineering and construction group.

The transaction between Geotech and ACCIONA includes a cash payment of $197 million and a 17.6 per cent stake in a new subsidiary ACCIONA Geotech Holding for three key Geotech executives, according to a statement from Allens.

The firm noted that this deal represents the first infrastructure acquisition for ACCIONA in Australia.

“We congratulate ACCIONA on this strategic investment which will considerably expand their reach in the Australian market,” said Allens partner David Donnelly.

“For Allens, it adds to a busy pipeline in the infrastructure M&A space and highlights the value that we can add by combining our in-depth understanding of the infrastructure sector with our market-leading M&A capability.

“This deal is part of a broader growth in demand in Australia for infrastructure services, which is estimated to reach $125 billion over the next decade,” he said.

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