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JWS acts in $631 million block trade

JWS acts in $631 million block trade

Johnson Winter & Slattery has advised on a $631 million block trade

Firms: Johnson Winter & Slattery (CP2 Limited)

Deal: A block trade of a 7.9 per cent security holding in Transurban Group, underwritten byUBS AG

Area: Corporate

Value: $631 million

Key players: The JWS team was led by Damian Reichel

Deal significance: JWS organised a number of investment banks to bid to underwrite the trade pursuant to a competitive process. "The process, from the initial contact with the respective banks to receipt of final bids, was completed within a tight 14-hour overnight timeframe. This allowed for market soundings, negotiation of the underwriting terms and execution of the trade while ASX trading was closed,” said Reichel. The block trade achieved a portfolio rebalancing for two of CP2’s clients that had significantly increased their long-term exposure to Australian toll roads through the CP2/Horizon Roads acquisition of ConnectEast Group, on which JWS also acted. Following the transaction, two other CP2 clients have a continuing investment in Transurban.

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