Squire Patton Boggs is a jack of all trades in cross-border deals, acquisitions

The firm recently assisted in transactions across various industries, including property and mining

Squire Patton Boggs is a jack of all trades in cross-border deals, acquisitions
Rahul Parrab

Squire Patton Boggs (SQB) has advised in a variety of successful cross-border deals and acquisitions recently, highlighting the skills of its practice groups.

The firm lent a hand to companies in different industries, including property, mining and fintech, over the month of August.

Prendiville Group, a WA-based hospitality specialist, tapped the SQB property team in Perth to assist in the company’s acquisition of the iconic Fremantle Technical School. The building, located on Fremantle’s popular cappuccino strip, is heritage-listed, and had been under the ownership of the WA government.

SQB real estate partner Michael Swift took the lead on the deal with assistance from paralegal Courtenay Stockley and executive assistant Danica Peters. Swift has a long working relationship with Prendiville Group, having advised the company on its acquisition of nine hotels across WA, Queensland and the NT from the Abu Dhabi Sovereign Fund, among others.

Swift said that the Prendiville Group has “a long history and connection with Fremantle” and that the proposed redevelopment of the building “will further enhance the hospitality offering in the port city.”

The State Solicitor’s Office acted for the WA government in the transaction.

NH Collection inaugural expansion into APAC

SQB also advised Minor Hotel Group on the inaugural expansion of its NH Collection brand into Australia, kicking off its foray into the APAC region.

The deal involves the construction of a new hotel in the Sydney CBD. The firm’s team was headed by APAC head of hospitality and leisure Rahul Parrab, with support from senior associate Greg de Mesquita and paralegal Tam Nguyen.

The team coordinated with Minor Hotel Group’s in-house legal team to successfully close the legal documentation for the transaction. Ashurst advised the owner.

The NH Collection has been established in Europe, Latin America, North America and the Middle East.

$130m JV investment between HK and AU mining companies

Corporate partner Tony Chong, who leads SQB’s Perth office, headed up the firm’s team in acting for Yansteel, a mining and metals company based in Hong Kong, as it entered into a joint venture with Sheffield Resources Limited, a WA-based mineral sands mining business.

The $130m joint venture investment is anticipated to generate 400 construction jobs and 200 operational roles throughout the 37-year mine life, SQB said. Yansteel also obtains a 9.9% Sheffield Resources stake for approximately $13m in a placement, and snaps up 100% of the ilmenite production from Sheffield Resources’ Thunderbird project.

“The completion of the joint venture arrangements will enable Sheffield to complete the $478m funding requirement for stage one of Thunderbird,” SQB said.

Chong’s multidisciplinary team comprised senior associate Tina Zhou, associate Josh Walsh, associate Blair Strickland, associate Alix Poole, senior associate Charlotte Osborne and associate Isabella Mosole.

Jones Day acted for Sheffield Resources. The deal is pending FIRB approval.

$86m capital raise for US-based fintech company

Following its successful massive ASX debut, US payments company Sezzle Inc. brought in SQB to assist on its $86m capital raising effort.

The transaction involved a $79m institutional placement and a $7m retail securities purchase plan offer.

Corporate partner Simon Rear took point on the deal with help from associate Michael Van Der Ende.

Rear said that the capital raising indicated an emerging trend.

“At the time of its listing, Sezzle had no operations in Australia, or any intention to commence such operations. We are seeing more and more young international technology companies seeking to list in Australia in order to scale their business and to provide liquidity at an earlier stage than would otherwise be possible on Nasdaq or similar markets,” he said. “The ‘buy now, pay later’ space is in significant growth mode right now and we look forward to seeing Sezzle go from strength to strength globally. There is a lot of capital looking to be deployed and we expect to see a lot of activity in areas that are unaffected by COVID-19, such as this sector, really advance.”

 

Tony Chong

Simon Rear

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