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5G Networks mergers with Webcentral
5G Networks has officially merged its business with Webcentral Limited by a scheme of arrangement, with assistance from Norton Rose Fulbright.
Naomi Neilson
Firm: Norton Rose Fulbright (5G Networks Limited)
Value: N/A.
Area: Technology, M&A.
Key players: The Melbourne-based team was led by senior consultant Robert Sultan. He was assisted by partner Ben Davis, special counsel Peter Moh, associates Ellen Laughton and Lisa Mundos, and graduate Matthew O’Donnell. Also supporting the team was tax partner Adam Smith and associate Jason Carli.
Deal significance: The scheme involves Webcentral acquiring 100 per cent of the fully paid ordinary shares in 5GN. 5GN shareholders will receive two Webcentral ordinary shares for each 5GN share held as at the scheme record date, and 5GN will become a wholly owned subsidiary of Webcentral.
The deal involved Webcentral, as the controlling entity, acquiring its parent company, 5GN. NRF said this presented unique challenges, including the need to seek ASIC relief and for the scheme to be conditional upon Webcentral passing reverse takeover and substantial asset resolutions.
Additionally, a number of 5GN board directors were also serving as directors of Webcentral, which meant an independent board committee needed to be established.
Commenting on the deal, Mr Sultan said: “We congratulate 5GN and Webcentral on its merger, which has created a powerful full-service online digital solutions provider.
“We were pleased to support 5GN with a diverse team of talented lawyers from our Melbourne corporate, tax and litigation practices and are grateful for the faith 5GN placed in us to handle this very important transaction.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
