WAN was advised by Allens Arthur Robinson, Baker & McKenzie acted for KKR, Freehills acted for Seven Media Group and Mallesons Stephen Jaques acted for underwriters JP Morgan and UBS.

Baker's Mark McNamara, a partner in the firm's Sydney office and head of the global private equity practice, led the transaction with the assistance of partners Julie Hutton, David Holland and Tim Sherman, and senior associate Alex Elser.

Speaking about the transaction, McNamara said: "We advised KKR on the initial acquisition of the stake in SMG and have acted for them for a number of years. We are very pleased to advise on this very significant transaction for our client."

The Mallesons team was led by M&A partners Evie Bruce, Nigel Hunt and Daniel Kirk. They were assisted by senior associates Jonathan Grant and Alexei Fedotov, and solicitor Laura Steinke.

"The structure of the capital raising was very complicated, involving three separate offers: an accelerated entitlement offer of convertible loan securities, a public offer of WAN ordinary shares and a sell-down of SGH's existing 24.3 per cent interest in WAN. A number of interesting legal and regulatory issues arose from the interdependencies between the components of the capital raising," said Bruce.

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WAN raised $1 billion to help fund the sale.