David Eliakim

David Eliakim

David Eliakim is a partner in the Sydney office of King & Wood Mallesons. He specialises in mergers and acquisitions and equity capital markets advising a wide range of clients, including listed and unlisted trusts, stapled entities and hybrid debt/equity vehicles.

David is ranked as a leading Australian investment funds lawyer by Chambers and Partners (2013 - 2019) and as a leading capital markets lawyer by Who's Who Legal (2018 and 2019). David has also been peer selected for Best Lawyers in Australia (2015 - 2020) in the practice areas of: Corporate Law, Corporate/Governance Practice, Equity Capital Markets Law, Funds Management, Investment Funds and Mergers and Acquisition Law. David was also ranked as a 'Notable Practitioner' in Capital Markets and M&A in IFLR1000's 2019 and 2020 rankings.

David was formerly a lecturer on Hybrid Securities at the University of Sydney. David is also a member of the Corporations Committee of the Business Law Section of the Law Council of Australia.

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Recent Matters

Equity capital markets

  • amaysim Australia Limited - accelerated non-renounceable entitlement offer (2019)
  • SCA Property Group - advising on approx $300 million placement and security purchase plan (2018)
  • APA Group - $500 million entitlement offer and redemption of subordinated notes (2018)
  • Cordish Dixon Private Equity Fund IV - fund establishment and $100 million capital raising (2018)
  • Evans & Partners Global Disruption Fund - IPO (2017)
  • Deutsche Bank and Morgan Stanley - $1.5 billion placement and share purchase plan for Santos (2016)
  • Macquarie Group - $400 million placement (2015)
  • Citi, Deutsche Bank and Bank of America Merrill Lynch - $1.3 billion accelerated entitlements offer for AGL Energy (2014)
  • CBA Equities - IPO of Affinity Education (2013)
  • Trust Company - IPO of National Storage REIT (2013)
  • APA - $475 million subordinated notes offer (2012)
  • Deutsche Bank - convertible bond issue and related buy-back for CFS Retail Property Trust (2011)

Funds Management

  • GIC – establishment of $1.8 billion joint venture with Charter Hall in respect of Chifley Tower (2019)
  • Telstra – establishment of $1.4 billion exchanges joint venture with Charter Hall (2019)
  • GIC – establishment of $2 billion industrial properties joint venture with Dexus (2018)
  • Hastings Funds Management - change of manager of Utilities Trust of Australia and The Infrastructure Fund (2018)
  • Lendlease - joint ventures in respect of International House Sydney and Daramu House (2018), $500 million Melbourne University development (2017), establishment of $400 million social infrastructure fund (2016), $2 billion private fund (Tower 1, Barangaroo) and subsequent partial sell-down by Lend Lease Trust (2015).
  • Grocon - establishment of multi-family development fund (2017)
  • Brookfield - joint venture with AMP Capital and UniSuper for $1.8 billion development of Wynyard Place (2017)
  • OPTrust - establishment of securitised rental receivables fund (2016)
  • Palisade - establishment of Palisade Renewable Energy Fund (2016)
  • AMP Capital - restructure of AMP Capital Infrastructure Equity Fund (2016)
  • Arcadia - restructure of Australian Wholesale Property Fund (2016)
  • Primary Health Care - joint venture with Australian Unity to establish healthcare fund (2015)
  • Qube and Aurizon - establishment of joint venture structure to develop and operate the Moorebank Intermodal Terminal (2015)
  • DEXUS Property Group - joint venture with Future Fund to acquire a portfolio of industrial properties (2014)
  • ING - sale of listed ING Office Fund management platform (2011)

Public M&A transactions and reorganisations

  • Brookfield Business Partners - $5.7 billion proposal to acquire Healthscope (2019)
  • Taurus - takeover bid for Realm Resources (2018)
  • CKI - $7.4 billion scheme of arrangement to acquire DUET Group (2017)
  • Devine - takeover defence following bid by CIMIC Group Limited (2015)
  • DEXUS Property Group - joint venture with Canada Pension Plan Investment Board in respect of takeover of $4 billion Commonwealth Property Office Fund (2013)
  • The Trust Company - $210 million proposed scheme of arrangement by Perpetual (2013)
  • Valad Property Group - $800 million acquisition by Blackstone by way of scheme of arrangement (2011)
  • Gold One - $690 million investment and takeover bid by Chinese SOE consortium (2011)
  • Brookfield Infrastructure - $1 billion scheme of arrangement for Prime Infrastructure (2010)

Private M&A transactions

  • Westconnex - $9.3 billion sale of 51% interest in toll roads to Transurban-led consortium (2018)
  • Metronode - acted for underbidder on $1 billion sale by Ontario Teachers' Pension Plan (2017)
  • Citigroup - $880 million acquisition of Coles credit card portfolio (2016)
  • CIMIC - $860 million sale of CIMIC and Ontario Teachers' Pension Plan's interest in Nextgen (2016)
  • e-Commerce Ventures - acquisition of Focus on Furniture (Melbourne based furniture retailer) (2016)
  • Arrium - acted for Bekaert NV on its acquisition of Arrium's wire steel business and follow on joint venture with Ontario Teachers' Pension Fund (2015)
  • Crown Castle - acted for the underbidder on the $2 billion sale by Crown Castle and Todd Corporation of their Australian telecommunication towers business (2015)
  • Port of Newcastle - $1.75 billion privatisation by Hastings/China Merchant Group (2014)
  • Leighton Holdings - $885 million sale of telecommunications business to Ontario Teachers' Pension Plan (2013)
  • Port Botany and Port Kembla - acted for the underbidders on the NSW Government's $5 billion privatisation of this asset (2013)


  • 1991 - 1993: Bachelor of Arts, University of Witwatersrand, Johannesburg
  • 1994 - 1995: Bachelor of Laws (with distinction), University of Witwatersrand, Johannesburg
  • 1996 - 2000: Solicitor, Werksmans Attorneys, Johannesburg
  • 2000 - 2002: Partner, Werksmans Attorneys, Johannesburg
  • 2002 - 2005: Senior Associate, Mallesons Stephen Jaques, Sydney
  • 2005 - present: Lecturer, Hybrid Securities - University of Sydney
  • 2006 - present: Partner, King & Wood Mallesons, Sydney.


Legal insights

The falling cash rates in Australia continue to drive demand by retail investors for alternative investment products. As a result, 2019 has been another strong year for Australian and foreign...

16 December 2019

On 9 October 2019, the Australian Securities Exchange (“ASX”) released the final version of its listing rules reforms. Nearly all of these changes are expected to come into effect on 1 December 2019...

14 October 2019

KWM advised Brookfield Business Partners on its proposal to acquire Healthscope. We discussed the innovative aspects of the deal with partners David Eliakim and Yuen-Yee Cho.

17 April 2019

Treasury has released drafts of the regulatory and tax legislation for the CCIV regime.

21 January 2019

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