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Tabcorp and Tatts to merge
Two firms have advised on the merger agreement between Tabcorp Holdings Limited and Tatts Group Limited.
Emma Musgrave
Firms: Clayton Utz (Tatts Group Limited); Herbert Smith Freehills (Tabcorp Holdings Limited)
Value: $11.3 billion
Area: M&A
Key players: The team advising Tatts was led by Clayton Utz corporate partner Andrew Walker (pictured), with assistance from partner Michael Corrigan, special counsel Mihkel Wilding and lawyers Sam Morrissy and Nina Janic.
Deal significance: The merger between Tabcorp and Tatts will create a diversified gambling entertainment group, with a pro forma enterprise value of approximately $11.3 billion, across wagering, media, lotteries, Keno and gaming services.
The transaction will see Tatts shareholders receive 0.80 Tabcorp shares plus 42.5 cents cash for each Tatts share held.
The combining of the two companies is anticipated to provide a wide range of benefits for stakeholders and result in at least $50 million per annum of additional funding for the Australian racing industry.
The merger is set to deliver at least $130 million of annual EBITDA synergies and business improvements.
The completion of the merger is expected mid-2017, following Tatts' shareholder and regulatory approvals, with the transaction unanimously recommended by the boards of Tabcorp and Tatts.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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