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O-I Glass sells ANZ glass packaging business unit
Clayton Utz has advised O-I Glass, Inc. on its agreement to sell its Australia and New Zealand (ANZ) glass packaging business unit.
Tony Zhang
Firms: Clayton Utz (O-I Glass)
Value: $730 million.
Area: Corporate M&A, capital markets.
Key players: Corporate partner Michael Linehan led the firm’s core deal team, which included special counsel Quentin Reidy, and lawyers Danielle Lee and Patricia Hill.
Members of other practice groups who assisted the deal team included partner Alison Kennedy and senior associate Lisa Hornsby (real estate), and partner Peter Feros and special counsel Cameron Forbes (taxation).
Deal significance: The Clayton Utz team has been working closely with O-I Glass on the transaction for many months.
O-I Glass has also entered into sale-leaseback agreements with Charter Hall for certain properties used in the business, valued at approximately $214 million. O-I Glass CEO Andres Lopez said the sale “represents a significant milestone in our business transformation”.
Mr Linehan said the transaction was also a significant milestone for the Clayton Utz team, which worked collaboratively and seamlessly to complete the deal, all while working remotely.
“It’s a testament to our fantastic team of committed lawyers, who all pulled together to ensure our client was able to successfully execute the deal within O-I’s desired timeframe,” he said.
“Just some months ago, it would have seemed almost impossible to be able to bring together such a significant transaction without one of our team members stepping into the office. All members of the team involved should feel very proud of how well we delivered for our client in these challenging times. We congratulate O-I Glass and are very pleased to have worked with them on this deal.”
O-I ANZ is headquartered in Melbourne, and is the largest manufacturer of glass bottles and containers in Australia and New Zealand. Visy Industries is one of the largest privately owned packaging and resource recovery companies in the world.
The transactions have already received regulatory approval, and are expected to complete by 31 August 2020, subject to customary closing conditions.
