Gilbert + Tobin has acted as Australian legal counsel to Megaport Limited (ASX: MP1) on its acquisition of Latitude.sh, a global, automated infrastructure platform delivering Compute-as-a-Service. The acquisition, valued at up to USD300 million (comprising USD150 million of upfront consideration and additional contingent consideration of up to USD150 million), accelerates Megaport’s strategy of automating network infrastructure to power the cloud, AI and data centre ecosystem.
G+T also advised Megaport on its $220 million equity raising, which consisted of a $200 million fully underwritten institutional placement and a share purchase plan to raise up to $20 million, to fund part of the consideration for the Latitude.sh acquisition and other expansion plans.
The transaction marks an important milestone for Megaport, creating a global software platform where networks and compute converge to connect critical workloads and positioning Megaport at the heart of the hybrid cloud and AI-driven future expansion strategy. G+T’s work for Megaport advising on ASX and other regulatory requirements arising from an offshore strategic acquisition and capital raising follows the firm’s similar role for Xero on its acquisition of Melio and associated equity raising earlier this year.
The G+T team advising Megaport was led by partner Adam D’Andreti, with support from lawyer Kevin Zhou and graduate Kevin Olson. G+T worked alongside Cooley LLP and Pinheiro Neto Advogados, who respectively acted as US and Brazilian legal counsel to Megaport on its acquisition of Latitude.sh.
