Herbert Smith Freehills is advising a consortium led by Canada’s Brookfield Asset Management on its proposed $6.6 billion acquisition of Melbourne-based rail and port operator Asciano Ltd.
Brookfield, which is conducting the acquistion through its subsidiary Brookfield Infrastructure Partners, has offered a mix of cash and stock that values Asciano at $6.72 a share. The offer is a 39 percent premium to the 30-trading day volume weighted average prices ahead of Asciano’s July 1 announcement that it was in negotiations with Brookfield. Asciano’s board of directors has recommended the deal to shareholders, and a vote is expected in November. The deal is slated to close by the end of the year.
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