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Multi-billion dollar acquisition of Asciano completed
Gilbert + Tobin is pleased to have advised Qube as part of a joint consortium on one of Australia’s largest and most complex takeovers. Comprised of the Qube consortium and the Brookfield consortium, this joint consortium acquired Asciano Limited for a landmark $9.05 billion. Gilbert + Tobin was also the lead competition counsel for the consortium.
After securing approval from shareholders, regulators and the courts, the acquisition of Asciano Limited for $9.05 billion was implemented by way of scheme of arrangement. Asciano’s Patrick Terminals business was acquired for $2.915 billion by a joint venture between Qube and the Brookfield consortium. Asciano Limited’s Bulk and Automotive Port Services business was acquired for approximately A$925m by the Brookfield consortium.
Partner Andrew Bullock led the team with senior lawyers Wendy Hsu and Ilona Hunnisett advising Qube on the corporate aspects of the transaction. Partner Luke Woodward and senior lawyer Rebecca Dollisson acted as lead competition counsel for the consortium, advising on complex competition law issues and strategy, and achieving the essential competition clearance for all aspects of the transaction. Partner John Schembri and senior lawyer Rachel Jones advised on finance arrangements for Qube and the Qube/Brookfield terminals joint venture. Partner Steven Mackay and lawyer Claire Wong advised on the engagement with the port owners and various other ports related aspects of the transaction.
Gilbert + Tobin’s market-leading M+A team acted on 4 of the top 5 deals announced in 2015 and is ranked in Band 1 in Chambers Asia Pacific 2016 and Legal 500 Asia Pacific 2015. Gilbert + Tobin’s Competition + Regulation team is a consistently ranked tier one practice across all peer review guides including Chambers Asia Pacific and Global Competition Review.