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Milton Corporation finalises $11bn merger
Hamilton Locke has advised Milton Corporation Limited on its multibillion-dollar merger with Washington H. Soul Pattinson and Company Limited.
Emma Musgrave
Firms: Hamilton Locke (Milton Corporation Limited); Undisclosed (Washington H. Soul Pattinson and Company Limited).
Value: $11 billion.
Area: M&A.
Key players: The Hamilton Locke team was led by partners Hal Lloyd and Brent Delaney, who were supported by partner Brit Ibanez, special counsel Sandra Taran, senior associate Emily Pendlebury, and lawyer Stephen Vrettos.
Deal significance: According to a statement from Hamilton Locke, the scheme of arrangement was implemented following approval by Milton’s shareholders on 13 September 2021 and the Federal Court of Australia on 20 September 2021.
“Accordingly, WHSP now owns 100 per cent of the issued shares in Milton. Milton’s shareholders have received new shares in WHSP in exchange for their shares in Milton,” the firm said, adding that “Milton’s shareholders have benefited from access to a fully franked Milton final dividend and special dividend”.
“As shareholders of WHSP, they also have the opportunity to access WHSP’s final dividend, which is expected to be paid in December 2021.”
Commenting on the transaction, Hamilton Locke partner Brent Delaney said: “We are delighted to have advised Milton on its merger with WHSP.”
“We enjoyed collaborating with the Milton team and Greenhill to bring together two of Australia’s oldest publicly listed companies, each with a long-standing and prestigious history. We look forward to what the future holds for the combined group.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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