Babcock & Brown Infrastructure (BBI) and Australian Pipeline Trust (APT) announced a $370 million hostile joint takeover bid for GasNet Australia Group on 19 June. The bid, if successful, would be an offer by a dual-stapled entity for a triple-stapled target, and a further example of consolidation in the infrastructure sector.
BBI is being advised by Danny Simmons and Lance Sacks, who are currently with Atanaskovic Hartnell, but are about to set up a new firm, Chang, Pistilli & Simmons, from 1 July, taking BBI’s business with them.
APT is being advised by Freehills partners Aaron Kenavan and Jim Graham. Kenavan himself is in the process of defecting from the world of the law to take up an investment banking job at JP Morgan. He’ll finish at Freehills on 30 June and have a brief period to “retain some sanity” before commencing in mid-August.
Neither Simmons or Sacks would comment on their impending moves.