We’re excited to bring you the first edition of The Dispatch for 2024 with a renewed focus on celebrating your teams and clients transaction wins. Our headline deal is Australia’s largest M&A deal for 2024 so far - Altium’s $9 billion acquisition by Renesas. We see continued appetite for M&A deals, highlighting a landmark acquisition in the global mining industry, as well as noteworthy transactions in the software and telecommunications sectors.
Our headline deal of this edition is Altium’s $9.1bn cash acquisition by Japan’s Renesas – Australia’s largest public M&A deal for 2024 so far. Daniel Natale and David Friedlander advised Australian technology company Altium on its entry into a binding Scheme Implementation Agreement with Japanese semi-conductor manufacturer Renesas. We’re cautiously optimistic this acquisition signals strength in tech M&A deals, as well renewed interest from Japanese bidders. Kudos to the wider team: Michael Clough, Jerome Tse, Yiwen Chen, David Blight, Jaspreet Nagra, Isobel O'Malley, Dorothy Chung, Celina Berschneider.
At a pivotal time for the global mining industry, Will Heath, Scott Langford and Stephen Minns worked together to lead a team to advise Alumina on its proposed $3.3 billion acquisition by Alcoa. Alumina shareholders will benefit from increased exposure to aluminium, a key product for energy transition and decarbonisation. Congratulations to the wider team: Greg Protektor, Annamarie Rooding, Catherine Danne, Christopher Kok, Mandy Tsang, Intan Eow, Jacob Carmody, Jessica Zuiderwijk and Jordan Osrin.
Two notable tech sector deals:
Anthony Boogert led a team to advise TASK, which is being acquired by PAR by way of a scheme of arrangement. The proposed A$310 million acquisition signals a strong appetite for mid-size M&A deals in the software sector and recognition of the ASX’s strength in nurturing technology companies. Huge shout out to the wider team: Richard Karaba and Hae Soo Park.
David Friedlander and Paul Schroder led a team to advise Symbio Holdings Limited on completion of its acquisition by Aussie Broadband Limited (ABB) by scheme of arrangement, resulting in a merged entity with a market capitalisation of ~AUD 1.3 billion. The combination will result in a significantly larger and more diversified telecommunications company, with a strong growth profile and customer mix. Well done to the wider team: Tom Harrison, Jennifer Cheung, Sarah Jones, Sascha Downing, Gordon Yen and Campbell Burns-McRuvie.
Chris Dynon led two significant renewable energy transactions. Firstly, advising the syndicate of lenders on the project financing for the development of a 200MW/800MWh Battery Energy Storage System. The secured funding enables the third stage of Victoria’s landmark Melbourne Renewable Energy Hub. A big congratulations to the wider team: Danny Ke, Emma Reed, Shubho Mukherjee, Kathryn Tomasic, Evelyn Kourambas, Jonathan Le and Daniel Ho.
Chris also led a team to advise the syndicate of financiers on the project financing of the 120 MWp Munna Creek Solar Farm in Queensland for Mytilineos. The project, which has secured power purchase agreements with both Telstra and NBN, is anticipated to generate enough clean energy to power approximately 41,000 homes, playing a key role in Australia's efforts to achieve 83% renewable energy by 2030 and assisting in the acceleration of Australia’s transition to a more sustainable energy alternative. Shout out to the wider team: Shubho Mukherjee, Madeleine Coates, Evelyn Kourambas and Daniel Ho.
Looking to the latest in the real estate landscape, a team led by Chris Pitson and Mark Bayliss advised PAG on its recently completed joint venture with Fawkner Property, on the $465m acquisition of Midland Gate Shopping Centre in Western Australia from Vicinity Centres. This is Australia’s largest single regional asset transaction since December 2019. Well done to the wider team: Quintin Du Plessis, Tim Meiklejohn, Hussien Kassouh and Nicola Wang.
In our first edition of M&A in the City for 2024, we take you inside the biggest Australian Public M&A deal for 2024 so far, and spotlight M&A tactics shaping a cautiously optimistic outlook for the remainder of the year.
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