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Blakes teams up with Alinta again

Blakes teams up with Alinta again

Blake Dawson Waldron is advising Perth-based power utility Alinta on its $900 million IPO of Alinta Infrastructure Holdings (AIH). The float is one of the largest of the year and AIH is…

Blake Dawson Waldron is advising Perth-based power utility Alinta on its $900 million IPO of Alinta Infrastructure Holdings (AIH).

The float is one of the largest of the year and AIH is expected to have a minimum enterprise value of $2 billion. It has a triple stapled security structure, joining two trusts and one company. Joint mergers and acquisitions practice head, Melbourne-based Marie McDonald, said this meant the offer document for the public had to comply with both prospectus and product disclosure statement (PDS) laws.

“We had people with PDS experience in Sydney doing that side and people in Perth doing the prospectus side, and the two of them meshed together,” she said.

Alinta will be the responsible entity of the trust, but does not hold the necessary financial services licence to do so. “They have applied for it but in the interim another trustee has been put in,” McDonald said. Therefore the documentation had to include the “mechanics” to enable the trustee to be taken out after a period of time and replaced by Alinta.

AIH will own the utility infrastructure assets that Alinta purchased from Duke Energy in April 2004 and Alinta will retain a 20 per cent strategic shareholding in AIH immediately after the IPO. All the documentation had to be completed within a couple of months.

McDonald led the national Blakes team with Roger Davies in the Perth office. They worked closely with Alinta’s general counsel Murray King and AIH company secretary Yasmin Broughton on the transaction.

The PDS was lodged with ASIC on 29 August and the offer is expected to close on October 4.

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