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Optus secures amaysim’s mobile business
King & Wood Mallesons has assisted amaysim with the sale of its mobile business to Optus.
Naomi Neilson
Firm: King & Wood Mallesons (amaysim Australia Limited)
Value: $250 million.
Area: M&A.
Key players: The team was led by M&A partners Paul Schroder and David Eliakim. They were supported by senior associate Marc McCaughey and solicitor Jing Wang and assisted by a cross-practice group of lawyers that consisted of competition partner Caroline Coops, employment partner Andrew Gray, tax partner Leah Rain, insurance special counsel Mandy Tsang and M&A senior associate Fiona Tyas.
Deal significance: In November, amaysim entered into a share sale agreement for the sale of its mobile business to Optus for cash consideration of $250 million. The mobile sale was the output of a strategic review undertaken by amaysim to consider options to maximise shareholder value.
The KWM team assisted amaysim with the divestment of its Click Energy business and its response to unsolicited expressions of interest in relation to the mobile business that followed.
Commenting on the transactions, Mr Eliakim said: “We were very pleased to work with our valued client, amaysim on these strategic transactions that had a core objective of maximising shareholder value.”
Further commenting on the Optus deal, Mr Schroder said: “This was a strategic and challenging transaction. The team had to provide legal advice on various regulatory and operational issues and provide a clear pathway to distribute proceeds of the transaction to amaysim shareholders following the sale.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
