Deal is Australian private equity firm’s first direct public-to-private and largest acquisition to date
Gilbert + Tobin (G+T) was the legal counsel to Quadrant Private Equity on its acquisition of QMS Media.
Implemented via a scheme of arrangement, G+T said that the acquisition put an enterprise value of about $711m on the trans-Tasman outdoor advertising and sports media company.
The all-cash offer of $1.22 per share, or about $420m, placed an enterprise value of $570m on QMS, its legal adviser, Lander & Rogers, previously said. The scheme was implemented on 21 February and a special purpose vehicle acquired all share capital of QMS.
G+T said that the acquisition was “extremely supported” at the company’s scheme vote by QMS shareholders, some of whom were offered the opportunity to hold scrip alongside the acquirer.
Experts from the corporate advisory and banking and infrastructure teams advised on the deal. The firm advised on all aspects of the acquisition, including on structuring, regulatory matters, due diligence, and financing.
The corporate advisory side was headed by partners Peter Cook and Rachael Bassil, who were supported with by lawyers Olivia Blakiston, Matt Green and Rohan Barmanray.
The debt financing side was headed by partner John Schembri, who was assisted by lawyers Chris Roberts and Marion Russell.
Bassil said that the acquisition is Quadrant’s first direct public-to-private and largest acquisition to date. G+T is a longstanding adviser to the private equity firm.
G+T previously advised on the $2bn acquisition of MYOB by KKR, one of the largest take-private deals completed by a financial sponsor in Australia. It also advised on the $469m cross-border acquisition of Ruralco, and the $4.2bn acquisition of DuluxGroup.
