Karen Evans-Cullen, mergers and acquisitions partner at Clayton Utz is leading the firm in the deal, with a team that includes corporate M&A partners Jonathan Algar and Stuart Byrne, as well as other lawyers from Clayton Utz’s practice groups assisting on due diligence. The deal will see Morgan Stanley invest $200 million in ABC via a convertible note entitling them to a 10 per cent share capital in the company.

Valued at US$780 million, the transaction has already seen ABC enter into a memorandum of understanding with Morgan Stanley for a 60 per cent sale interest in its US business.

Evans-Cullen says the next step will be the completion of due diligence and negotiation of definitive documentation over the coming week.