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Proposed $10.2bn cash acquisition secures AusNet
AusNet has been acquired for a proposed $10.2 billion by a Brookfield-led consortium, with assistance from BigLaw firm Allens.
Naomi Neilson
Firm: Allens (AusNet)
Value: $10.2 billion cash acquisition. The proposed price of $2.65 per share represents a significant 34 per cent premium to the $1.98 price it was previously trading at.
Area: M&A.
Key players: The team was led by corporate partners Wendy Rae and Craig Henderson, with key assistance from M&A counsel Andrew Wong and managing associate Hannah Biggins. AusNet was advised internally.
Other Allens team members include: special counsel Gadi Bloch, senior associate Sarah Glynn, associate Ben Toscano, partner Joseph Power, managing associate Jay Prasad and lawyers Nancy Goh, Tessie Chang, Lana Yang, Natasha Pasahidis and Erica Tan. They are split across the corporate and tax teams.
Deal significance: AusNet owns and operates the Victorian electricity transmission network, an electricity distribution network and a gas distribution network.
The proposed transaction was announced in November following a two-month period during which Brookfield and competing bidder APA Group submitted a number of indicative proposals to acquire AusNet.
Commenting on the deal, Ms Rae said: “We congratulate AusNet and its board and management team for their efforts and determination in working to secure a great price for shareholders.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
