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GrainCorp secures ACCC approval for sale of business to ANZ Terminals

Gilbert + Tobin advised on the sale of GrainCorp’s Australian Bulk Liquid Terminals to ANZ Terminals.

user iconNaomi Neilson 03 December 2019 Big Law
rainCorp secures ACCC approval
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Firm: Gilbert + Tobin (GrainCorp)

Deal: Gilbert + Tobin (G+T) has advised GrainCorp Limited on the circa $322 million sale of its Australian Bulk Liquid Terminals business to ANZ Terminals Pty Ltd, which the Australian Competition and Consumer Commission has approved.

Value: circa $332 million.

Area: M&A.

Key players: Competition and regulation partner Elizabeth Avery and her team, which included Amelia McKellar, Tim Kelly, Jacqueline Reid, Jack Coles and graduate lawyer Neeharika Maddula provided competition law advice.

The corporate advisory team that led earlier M&A aspects of the transaction was led by partner John Williamson-Noble and his team, including Chris Morse.

Deal significance: While the proposed transaction remains subject to conditions, such as Foreign Investment Review Board approval, GrainCorp expects that the proposed transaction will be completed by the end of the year.

GrainCorp undertook a portfolio review which supported the sale of its Australian Bulk Liquid Terminals. The sale to ANZ Terminals, along with entry into a long-term storage agreement, secures GrainCorp’s ongoing access to storage to support its fats business. The sale will also allow GrainCorp to release capital and unlock value for shareholders.

Ms Avery commented: “This was a significant milestone for GrainCorp towards securing the sale of its Australian Bulk Liquid Terminals business, enabling GrainCorp to proceed with the next step of its corporate evolution.

“We are delighted to have advised and supported GrainCorp throughout the process, ultimately securing clearance for the deal subject to undertakings.”

naomi.neilson@momentummedia.com.au

Naomi Neilson

Naomi Neilson

Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly. 

You can email Naomi at: naomi.neilson@momentummedia.com.au

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