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Allen & Overy wins Equity Market Deal of the Year for Transurban’s AUD4.2 billion capital raising at the 2019 Australasian Law Awards

 

24 May 2019

Allen & Overy’s international capital markets team has been recognised at the Australasian Law Awards, winning Equity Market Deal of the Year for Transurban Group’s AUD4.2 billion capital raising to fund the WestConnex acquisition.

Allen & Overy acted as combined Australian and U.S. counsel to Macquarie, Morgan Stanley and UBS as joint lead managers of Transurban’s accelerated renounceable entitlement offer with retail trading rights. Transurban also raised AUD600 million in a concurrent private placement to members of the Sydney Transport Partners consortium. Following a competitive sale process, the Transurban-led Sydney Transport Partners consortium agreed to acquire 51% of the WestConnex toll road project from the NSW government.

Transurban’s equity raising is the third-largest secondary raising in Australian corporate history, and represents the largest ASX M&A funding raising to date.

The deal showcased the strength and depth of Allen & Overy’s market leading equity capital markets (ECM) practice in Australia and its ability to deliver combined domestic and U.S. legal services with a single Sydney-based team. The Australian ECM work was led by partner Tony Sparks and senior associate Harsha Kumar; the U.S. ECM work was led by partner Mark Leemen and counsel Cécile Baume. Partner Peter McDonald and counsel Stefanie Benson from Allen & Overy’s also advised the joint lead managers on competition law compliance.

The entitlement offer was structured as a PAITREO (Pro-rata Accelerated Institutional with Tradeable Retail Entitlement Offer), a structure that offers the advantage of the speed for capital raising while alleviating concerns around the differential treatment between institutional and retail shareholders in entitlement offers since it allows retail shareholders to sell their entitlements on ASX immediately after completion of the institutional offer.

Allen & Overy had previously acted as Australian and U.S. counsel to the same joint lead managers on Transurban’s AUD$1.9 billion capital raising in 2017 to fund the West Gate Tunnel Project in Melbourne and its AUD$1 billion capital raising in 2015 to fund the Brisbane Airport Link .

Mark Leemen, lead partner on the U.S. ECM work on the matter, said: “Allen & Overy and Transurban have worked together to raise over AUD$10 billion of capital across both equity and debt over the years. This award recognises a significant step in the evolution of Transurban’s business, and we’re proud to have played a part.”

Tony Sparks, lead partner on the Australian ECM work on the matter, added: “This matter represented a particular highlight in an outstanding year for our ECM team and we were delighted to work once again with the same exceptional team of underwriters. This transaction was particularly challenging given the uncertainty and timing of regulatory approvals and, on behalf of the A&O team, I’d like to congratulate all involved.”

The Australasian Law Awards are hosted by Asia-Pacific legal trade publication Australasian Lawyer, are open to lawyers from Australia and New Zealand and are noted to recognise the biggest deals in the legal sphere throughout the year.​​

Australasian Law Awards 2019 - Equity Market Deal of the Year.jpg
From left to right: Jack Hill, Senior Associate, King & Wood Mallesons; Julia MacDonald, Executive Director Legal, UBS Investment Bank; and Tony Sparks, Partner, Allen & Overy.

 

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