HSF on Brookfield's $6.6B Aussie Infrastructure Deal
The Canadian asset manager is buying Melbourne-based Asciano in one of the biggest deals Down Under this year.
August 19, 2015 at 08:44 PM
2 minute read
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.
Upon completion of the transaction, Brookfield Infrastructure will own 55 percent of the target company, while other Brookfield-sponsored and managed private funds will hold 23 percent. Two unidentified “institutional partners” will control about 11 percent each. Brookfield Infrastructure, which currently trades in Toronto and New York, also said it would list on the Australian Securities Exchange in order to give Australian investors the chance to invest in its asset portfolio.
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