The Federal Court last week approved two schemes of arrangement for two separately listed companies, Consolidated Media Holdings Ltd (CMH), which will house PBL’s media assets, and Crown Ltd, under which the company’s gaming assets will now be held.

Investors approved the deal by 99.95 per cent of votes, which will see PBL shareholders receiving cash and shared in Crown and CMH.

Gilbert + Tobin partner Garry Besson led the demerger, with lawyers Justine White, Mark Komadina and Anton Babkov. Partner Andrew Bullock led the corporate and restructuring and diligence team, with Hiroshi Narushima and Kate Merrifield. The litigation team was led by partner Rani John and Airlie Bussell.

G+T has acted on a number of recent deals with PBL. It worked on the largest private equity transaction so far in Australia in the $5.5 billion recapitalisation of its media assets to create PBL Media joint venture with funds advised by CVC Asia Pacific and CVC Capital Partners. The firm also acted for PBL and PBL Media in relation to the acquisition or disposal a number of entities, including myHome, NBN Television, Australian Geographic, Ticketek, Acer Arena, Emap Australia, OK! Magazine and Hoyts.