MinterEllisonRuddWatts confirms role in major trans-Tasman acquisition

The firm collaborated with one of Australia’s leading firms on the transaction

MinterEllisonRuddWatts confirms role in major trans-Tasman acquisition

MinterEllisonRuddWatts has confirmed its role in advising on the New Zealand aspects of a major trans-Tasman acquisition.

The firm guided transformation and turnaround PE firm Allegro Funds as it snagged transportation and logistics company Toll Global Express (TGE). MinterEllisonRuddWatts collaborated with Herbert Smith Freehills in the process.

The MinterEllisonRuddWatts team also handled the debt funding arrangements for the deal. The firm said that Scottish Pacific supported debt with regard to receivables financing, while Gordon Brothers backed debt with regard to asset financing.

“The team at Allegro are extremely grateful to the MinterEllisonRuddWatts team for all of their help on what was a highly complicated trans-Tasman transaction and a landmark deal for Allegro,” Allegro investment manager Khosrow Kyanian.

TGE is expected to contribute significantly to the recovery of Australia and New Zealand’s economies.

“Allegro believes that Toll Global Express’ people and its assets can deliver strong growth in the future,” MinterEllisonRuddWatts said. “This business has an important role to play as an enabler for e-commerce which will be crucial in the economic recovery of Australia and New Zealand post COVID-19.”

Corporate partner Mark Stuart advised on the M&A aspects of the deal, supported by property partner David Gilbert. Banking partner Steve Gallagher and special counsel Simon Gray headed up the financing group.

Partners Gillian Service (employment) and Bianca Tree (environment and planning) provided input as well, as did senior associate Brendon Prebble and solicitors Brad Cope, Zenia Kumar and Miranda Hing.

“We are delighted to have worked alongside the team at Allegro to help them on this significant acquisition. It is particularly satisfying being able to complete the transaction smoothly given the current lockdowns in Australia and New Zealand,” Stuart said.

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