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Sydney Transport Partners successfully bids on WestConnex
The Sydney Transport Partners consortium has bid on the remaining 49 per cent of WestConnex following its previous acquisition of the first half in 2018.
Naomi Neilson
Firm: King & Wood Mallesons (Sydney Transport Partners)
Value: $11.1 billion.
Area: Transport, M&A.
Key players: The team was led by partners Adrian Perkins, David Eliakim and Mark Upfold. They were supported by special counsel Andrew Phillipson and solicitors Jake Miyairi and Rhiannon Parker.
Partner Simon Cooke led the competition advice, while Malcolm Brennan led the FIRB workstream. Partners Joseph Muraca and Jack Hill led the team advising Transurban on its equity capital raising, with special counsel Gareth Howe advising Transurban as a consortium member.
Deal significance: The state government announced that STP was the successful bidder for the two 24.5 per cent stakes in WestConnex.
In addition to advising on the acquisition, King & Wood Mallesons (KWM) advised on the consortium funding and governance arrangements, a broad due diligence of the WestConnex asset as part of the submission of the offer to the NSW government and a $4.2 billion equity raise by consortium member Transurban.
Commenting on the deal, Mr Perkins said: “We were delighted to have advised Sydney Transport Partners on this strategic transaction that will give all parties a long-dated concession in a well-established and growing traffic corridor in Sydney.”
Mr Upfold added: “This deal showcases the strength and depth of the KWM client offering and we are grateful for the opportunity to work in partnership with our client Sydney Transport Partners on this significant deal.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
