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Brambles makes multibillion-dollar sale
Allens has advised ASX-listed company Brambles on the sale of its IFCO reusable plastic containers business for an enterprise value of $3.52 billion.
Emma Musgrave
Source: gradaustralia.com.au
Firm: Allens (Brambles)
Value: $3.52 billion
Area: M&A
Key players: The Allens legal team comprised corporate partners Vijay Cugati and Kate Towey, banking and finance partner Jo Folan, competition partner Carolyn Oddie, corporate senior overseas practitioner Dannie Hanna, competition managing associate Felicity McMahon, corporate senior associate Addison Ma, corporate overseas practitioner Lauren Chamberlain, corporate associate Lisa Gao, and corporate lawyers Elise Blume and Georgie Leahy.
Deal significance: The sale to the consortium “follows a dual track separation process which consisted of running a competitive trade sale, while in parallel, preparing the IFCO business for a demerger by way of scheme of arrangement with subsequent listing on the LSE and ASX,” a statement from Allens explained.
Throughout this deal, the firm advised Brambles on all aspects of the IFCO separation dual track process, with support from Linklaters.
“The sale will result in up to US$1.95 billion of the proceeds being returned to Brambles’ shareholders. This will be made up of a pro-rata return of cash of approx. US$300 million and on-market share buyback of up to US$1.65 billion,” the firm noted.
“This transaction is another example of private equity participation in the M&A market and reflects what we are seeing more broadly on recent large-scale transactions,” said lead partner Vijay Cugati.
“It was a pleasure to collaborate with our partners at Linklaters to advise on this cross-border and multi-jurisdictional transaction, which will assist Brambles in executing its business strategy.”
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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