Clayton Utz confirms financial closure of $16.2b lease deal

The deal is the largest M&A transaction in Australia this year

Clayton Utz confirms financial closure of $16.2b lease deal
Clayton Utz has confirmed that the $16.2 billion lease deal for Ausgrid has financially closed.
The national firm acted for the financiers to the consortium comprising IFM Investors and AustralianSuper in the largest M&A transaction in Australia for 2016.
The deal comes after a bid by China State Grid Corp and Cheung Kong Infrastructure was rejected by the Federal Treasurer citing security concerns, prompting the successful acquiring alliance to submit an unsolicited bid for the energy distribution giant.
Under the terms of the Sale and Purchase Agreement, which was announced by the NSW Government on 20 October, the consortium has acquired 50.4% of the long-term lease of Ausgrid, with the NSW Government retaining a 49.6% stake.
The NSW Government will apply the proceeds raised towards funding critical infrastructure projects as part of its $20 billion Rebuilding NSW plan.
Clayton Utz partner Dan Fitts led the firm’s team, which included special counsel Trish Moloney and special counsel Maria Ratner.
Other advisers to the deal include Herbert Smith Freehills which also advised the consortium of acquirers.
Meanwhile, Ashurst and Macquarie advised the consortium on due diligence and financing. Allens as well as financial firms UBS and Deutsche Bank advised the NSW Government on the deal.

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