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The Dispatch: June 2022

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Welcome to the June 2022 edition of The Dispatch, which we encourage you to share among your clients & networks. In this edition, funds and private capital are sniffing out deals in pets and property, a SPAC deal of note in mining and hotels are hot again.  

Continuing the superfunds appetite for acquisitions, Will Heath, Nicola Charlston and Evelyn Peter assisted superfund giant Australian Super to purchase a 45% stake in Greencross vets in a joint deal with Healthcare of Ontario Pension Plan (HOPP). TPG Capital as majority stakeholder made the $3.5 billion sale.

Digging into mining, Nick Pappas and Tim Sherman supported Global commodities house Glencore with the sale of their CSA mine to a US listed SPAC (Metals Acquisition Corp) for $1.1 billion. This is one of the first significant acquisitions by a SPAC in the Australian resources sector.

Nigel Hunt also assisted Prospect Resources with the sale of the Arcadia Lithium project in Zimbabwe. The US$422 million sale recognises the value of the project and was the result of a strategic partnership which began in August 2021.

In Restructuring, Samantha Kinsey has acted on the first successful sale from voluntary administration of a trading construction house as a going concern. Advising Deloitte on the sale of Probuild’s Victorian business to Roberts Co (Roberts) and Western Australian sister company, WBHO Infrastructure to SRG Global with support from Partners Amy Munro, Paul Schroder, Murray Kellock, Sam Dundas, Travis Toemoe and Ian Solomon on the sale to Roberts Co and Nathan Collins, Juliana Jorissen and Phil Willox on the sale to SRG.

Two noteworthy deals in the real estate sector signal renewed confidence in travel. A cross-practice team comprising of John Sullivan, Charles Garbett, Adam Jiang, Quintin du Plessis and Jackie Cheung are advising Baring Private Equity Asia in the largest single hotel deal in Australian history, acquiring the Hilton Sydney for around $530 million. A significant bet on the resilience of the Australian tourism sector.

Continuing a productive dealmaking partnership, Carl Black has collaborated with CBRE to act as joint exclusive advisors negotiating a Hotel Management Agreement to debut Courtyard by Marriott at the new Western Sydney Airport.

In Finance, Ian Edmonds-Wilson and Daniel Bragg are currently assisting HSBC to launch their $500 million residential mortgage back securities (RMBS). The underlying loans are to prime-quality borrowers secured by first registered mortgages over Australian residential properties.

Scott Bouvier and Karen Litherland assisted Silicon Quantum Computing (SQC) with a complex and strategic sale of intellectual property rights for quantum computing equipment, with the sale to a new UNSW spin-out company in order focus more on the development of SQC Atom Qubits.

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