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Blakes, Atanaskovic in Transurban expansion
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Blakes, Atanaskovic in Transurban expansion

BLAKE DAWSON WALDRON and Atanaskovic Hartnell advised Transurban on its bid for the Sydney Roads Group, which last week gained approval from the Australian Competition and Consumer Commission…

BLAKE DAWSON WALDRON and Atanaskovic Hartnell advised Transurban on its bid for the Sydney Roads Group, which last week gained approval from the Australian Competition and Consumer Commission (ACCC).

After a review of market conditions, the ACCC concluded the takeover of SRG was unlikely to substantially lessen competition in the tender process for future toll roads, particularly in New South Wales where the purchase of SRG will increase Transurban’s control over roaming fees to toll road owners for e-tags.

Atanaskovic advised on Transurban’s submissions to the ACCC’s review and Blakes on the bid itself.

SRG owns 71.3 per cent of Sydney’s Eastern Distributor, 50 per cent of the M5 South-West Motorway and 50.61 per cent of the M4 Motorway.

Following the ACCC decision, Transurban managing director Kim Edwards urged SRG security holders to “act now and accept the offer” and said his company’s offer “delivers an attractive price” for shareholders.

SRG’s directors approved the bid late last year and recommended its acceptance to shareholders, who, under an extended offer period, have until March 30 to accept the offer.

Transurban is offering either a share swap of one Transurban security for every 5.7 SRG securities or a “cash pool alternative” of $1.32 per share.

Blake Dawson Waldron corporate partners Elizabeth Packchung and Mark Stanbridge jointly led the firm’s team.

Their team comprised Byron Koster, Matthew Dobson, David Ryan, Adam Firth, John Segleski, James Mayne, Christine Ferguson, Lily Strachan, Jonathan Scott and Stuart Napthali.

If the bid is successful, Transurban will have investments in six toll roads in Australia a well as the Pocahontas parkway in the US state of Virginia.

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