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Hong Kong’s CK Infrastructure to increase Aus presence with APA
Allens has advised a CK Infrastructure-led consortium on its proposed acquisition of Australian energy infrastructure business APA.
Grace Ormsby
Firm: Allens (CK Infrastructure), King & Wood Mallesons (APA)
Value: $13 billion
Area: M&A
Key players: Allens’ team was led by partners Kate Axup, Wendy Rae, Richard Kriedemann and Ted Hill. They were assisted by counsel, Andrew Wong, senior associates David Mierendorff, Nick Kefalianos and Kanana Fujimori, associates Elysia Longo, Sarah Glynn and Luisa Colosimo, lawyer Rujuta Natu and graduates Bridgette Gorman and Katy Milne.
KWM’s team included Will Heath, Stephen Minns and Vishal Ahuja.
Deal significance: CK Infrastructure is a publicly listed infrastructure company in Hong Kong. APA is Australia’s leading energy infrastructure business, owning and operating the largest interconnected gas transmission network across the country.
The CK Infrastructure led consortium deal has been structured by way of a scheme arrangement. It will be subject to the Foreign Investment Review Board (FIRB) and ACCC approval.
Several team members are currently working on the FIRB approval process, while Allens’ alliance partner Linklaters has advised the consortium on Hong Kong Stock Exchange requirements.
Allens’ lead partner Kate Axup said the firm is delighted to be working with the CKI team on this very significant transaction. She said, “CKI has been an investor in Australian infrastructure for nearly 20 years. This project adds to our CV of involvement in large-scale infrastructure M&A.”
Subject to regulatory and shareholder approval, the scheme is scheduled for implementation in December.
