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Freehills helps DP World unload assets
Freehills is acting for DP World on the restructure and sale of a large slice of its Australian operations to a US infrastructure fund.
The New Lawyer
FREEHILLS is acting for Port operator DP World on the restructure and sale of a large slice of its Australian operations to a US infrastructure fund.
The company will pocket $US1.5 billion after selling 75 per cent of its interest in Australian container terminals to Citi Infrastructure Investors and other investors.
DP World, which is listed on the Dubai Nasdaq, operates container terminals in Sydney, Brisbane, Melbourne, Adelaide and Fremantle through an Australian subsidiary.
As part of the transaction, DP World will retain a 25 per cent stake in its Australian container terminals as well as entering into a strategic partnership with CII and other investors. DP World will use the proceeds of the sale to reduce net debt and improve balance sheet flexibility.
The Freehills team was led by Philippa Stone, supported by senior associates Nicole Underhill and Daniel Scotti, and lawyers Jeremy Chew and Harsha Kumar.
Freehills corporate partner Philippa Stone said: “We are delighted to have assisted DP World in achieving its commercial objectives within a strict timeframe. The transaction ensures that DP World continues to provide management services to its Australian container terminal assets which will benefit all parties to the transaction and customers”.
The Freehills team worked with Linklaters, who were DP World’s Dubai based advisers, Deutsche Bank AG and Citigroup Global Markets.
