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NSW electricity network to be acquired
Two companies have been advised on their bid of over $16 billion to acquire electricity infrastructure network Ausgrid.
Emma Musgrave
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Firms: Ashurst (IFM Investors and AustralianSuper); Herbert Smith Freehills (IFM Investors and AustralianSuper); Allens (Ausgrid); Clayton Utz (financiers to the consortium)
Deal: IFM Investors and AustralianSuper has been advised on their bid to acquire Ausgrid.
Value: Approximately $16.1 billion
Area: M&A
Key players: The team advising IFM Investors and AustralianSuper was led by Ashurst partners Murray Wheater and David Mason, and Herbert Smith Freehills partners David Ryan (pictured), Baden Furphy and Nick Baker. HSF senior associates Miles Wadley and Bailee Walker assisted in the transaction.
The team advising Ausgrid was led by Allens partner John Greig.
Deal significance: Ausgrid is an electricity infrastructure company that owns, maintains and operates the electrical distribution networks to over 1.6 million customers across NSW.
This deal sees IFM Investors and AustralianSuper bid for a 99-year lease on Ausgrid. As part of the deal, the superannuation fund investors will control a 50.4 per cent stake in Ausgrid.
IFM and AustralianSuper’s proposition is unique as it is 100 per cent Australian-owned and therefore does not require Foreign Investment Review Board (FIRB) approval.
The private sale will be instrumental in raising money for the 2017 budget to put towards NSW state infrastructure projects such as the Sydney Metro and WestConnex.
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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