Jonathan Grant

Jonathan Grant

Jonathan is an M&A and securities partner, based in our Sydney and Shenzhen offices. He specialises in:

  • Public and privately negotiated M&A - including schemes of arrangement, takeovers, demergers, asset/share sales, competitive sales processes and joint ventures and other corporate transactions (including capital reductions, buy-backs and share sale facilities),; and 
  • Capital markets transactions - including IPO’s, rights offerings, private placements and retail debt and hybrid security issuances. 

Jonathan’s practice is truly international in focus. He acts on the full range of domestic Australian M&A and ECM transactions and international cross-border M&A.  Jonathan was based out of Beijing for a number of years and now has a practice and team in both Sydney and Shenzhen (to focus on the KWM International Centre which is based in Shenzhen - a strategic initiative of KWM servicing international cross-border deal activity in the region).  Jonathan has an expert team of bi-lingual, experienced cross-border M&A practitioners in both China and Australia who together have acted for numerous:

  • Chinese clients (including SOE, POE and China domiciled PE houses and funds) on their China Outbound M&A initiatives investing across the globe (including into Australia, New Zealand, South East Asia, the US, the UK, Europe, South America and Africa) and
  • International clients on a range of M&A and strategic transactions in China, including mergers, joint ventures, asset/share sales, equity investments, capital raisings, market entry and establishment, service, supply and distribution arrangements, ongoing business as usual support and strategic guidance navigating all things China.

His sector focus and experience includes financial institutions (including fintech), healthcare, general industrials & consumer together with logistics, infrastructure and renewable energy.

Relevant Experience

Mergers & Acquisitions

  • Commonwealth Bank of Australia - RMB 4.325bn sale of its life insurance joint venture in China to MS&AD Insurance Group (on the back of various other significant transactions for CBA in China, including the sale of its County Bank portfolio)
  • AMP - A$3.0 billion sale of AMP Life to Resolution Life (and related restructuring of AMP’s ongoing interest in China Life Pension Company)
  • Amphenol (NYSE-listed) - acquisition of Xgiga (a Shenzhen-based transceiver business)
  • C2 Capital - acquisition of a 15% stake in Bubs Australia (ASX-listed goat milk products producer)
  • Liberty and AIG (W&I insurers) - US$1.1bn acquisition of United Family Healthcare (leading PRC private hospitals group) by NYSE-listed New Frontier Health Corporation
  • Commonwealth Bank of Australia - RMB 659 million sale of 15 PRC County Banks to Qilu Bank in exchange for listed shares in Qilu Bank
  • Sequoia Capital China– participation in Series A round capital raisings for Australian start-ups: HyperAnna (artificial intelligence powered data analysis service for businesses); Airwallex (cross-border B2B forex payment platform); and Baraja (high-resolution 3D machine vision systems for autonomous vehicles)
  • Evolution Health- (Australian health products company) – advice on market entry and PRC contracts and regulatory matters
  • Wattle Hill- (Australian PE fund focused on Chinese market opportunities) co-investment with Qiaqia Foods in Buderim Group, an ASX-listed ginger and macadamia processor and distributor
  • Zurich- A$854 million acquisition of ASX-listed Cover-More Group (leading travel insurance and assistance solutions provider) by scheme of arrangement, including its Chinese business
  • Shanghai Pharma and Primavera Capital– A$314m acquisition of Vitaco Holdings Limited (ASX listed nutritional products company) by scheme of arrangement.
  • Inner Mongolia Fuyuan Farming Co Ltd and major shareholder China Mengniu Dairy - acquisition of a 79 percent stake in Burra Foods (Australia) Pty Ltd, an Australian dairy ingredient processor 
  • Bindaree Beef: sale and issue of a combined 45% stake to one of China’s largest meat processors, Shandong Delisi Food Co
  • State Power Investment Corporation- on its successful A$3+ billion bid for Pacific Hydro
  • Chinese SOE consortium- underbidder in its bid for the circa A$1.6 billion Swisse vitamins group 
  • Transurban-led consortium- $7.06 billion acquisition of Queensland Motorways
  • Estia Health: $1 billion IPO
  • Black Diamond- $72.5m joint venture and acquisition of Australian Portable Buildings 
  • GTL Energy Limited - coal beneficiation plant joint venture with Solid Energy New Zealand 
  • Macquarie Infrastructure Group- $804 million sale of its 50% interest in the Westlink M7 Motorway to Western Sydney Roads Group
  • Allco- US$325 million and AUD$12.5 million sale of Allco's US and Australian wind energy assets
  • Macquarie Group- $20 billion non-operating holding company restructure by way of schemes of arrangement to establish MGL as the listed holding company of the group (first such restructure by a major Australian bank)
  • Primary Health Care- $2.65 billion hostile takeover of Symbion Health followed by the $560 million sale of Symbion consumer business and $503 million sale of Symbion pharmacy business
  • Steadfast Group: restructure, broker acquisitions and IPO
  • Steadfast- $105 million acquisition of Calliden Group Limited (by scheme of arrangement) and on-sale of Calliden's general insurance operations to Munich Re 
  • CSR- attempted demerger of the CSR Sugar business
  • Woolworths’- acquisition and then subsequent sale of Austral manufacturing assets (including Chinese subsidiary)
  • Lion Nathan- sale of Mitchelton Winery
  • Westfield- $18 billion spin out of Westfield Retail Trust and the $2 billion IPO of Westfield Retail Trust
  • Brambles- $1.4 billion demerger and ASX listing of Recall
  • Super Retail Group’s- $610 million acquisition of Rebel Group Limited and the related $334 million accelerated entitlement offer to fund that acquisition
  • Macquarie- $1.3 billion distribution of Sydney Airport stapled securities
  • AMP- $425 million sale of a 15% interest in the AMP Capital business to, and strategic alliance with, Mitsubishi UFJ Trust & Banking Corporation
  • Various hybrid securities issuances by AMP and Suncorp Group
  • UPS’- strategic cross-border package delivery joint venture with SF Express (China’s largest delivery group) 
  • Commonwealth Bank of Australia– ongoing advice on its various investments and joint ventures in China 
  • Australian private equity fund- on its China events / ticketing joint venture with a listed Chinese group
  • Future Mobility Corp- on its electric vehicle joint venture with the Nanjing government 
  • Evercore- on establishing a Chinese subsidiary and market entry
  • Chinese SOE– proposed acquisition of a power project in Kenya
  • Macquarie Group’s- employee incentive arrangements in China
  • China Re. AXA and Aetna- respectively on their personal, property and health insurance joint ventures in China
  • Various UK, US, Australian and New Zealand listed entities- on their China joint venture arrangements and proposals 
  • Match divestment in Zhenai - PRY takeover defence; Power China PPP in Kenya
  • Global Switch – Chinese Consortium on its £2.4 billion strategic investment in Global Switch, the leading owner, operator and developer of large scale, carrier and cloud neutral data centres in Europe and Asia-Pacific. 
  • Chinese fund– proposed equity stake in, and joint venture with, listed New Zealand healthcare group 
  • CBA: on investments in Qilu Bank, Hangzhou Bank and Chinese county banks
  • Hopu Investments: cornerstone stake in Paladin Energy (acting for Chinese investment house, Hopu)

Capital raisings

  • Estia Health: $1 billion IPO
  • Steadfast Group- restructure, broker acquisitions and IPO
  • Commonwealth Bank of Australia– on its equity investments in both PRC-listed Qilu Bank and Hangzhou Bank
  • Westfield- $18 billion spin out of Westfield Retail Trust and the $2 billion IPO of Westfield Retail Trust (Accelerated Securityholder Offer and Public Offer)
  • Brambles- $1.4 billion demerger and ASX listing of Recall
  • Super Retail Group’s- $610 million acquisition of Rebel Group Limited and the related $334 million accelerated entitlement offer to fund that acquisition
  • C2 Capital - acquisition of a 15% stake in Bubs Australia (ASX-listed goat milk products producer)
  • Various hybrid securities issuances by AMP
  • Various hybrid securities issuances by Suncorp Group
  • Hopu Investments - cornerstone stake in Paladin Energy (acting for Chinese investment house, Hopu)
  • West Australian Newspapers:  $693 million Accelerated Entitlement Offer of Convertible Unsecured Loan Securities and Public Offer (underwriters);  Seven Group Holdings selldown of 24% stake in West Australian Newspapers (underwriters)
  • Aston Resources Limited:  $400 million IPO (underwriters)
  • AMP: $300 million Retail Bond Issue
  • Primary Health Care: $150 million Retail Bonds Issue
  • AMP: $300 million Retail Bond Issue
  • IAG: Restructure of $550 million of Reset Exchangeable Securities
  • Wesfarmers: $3.2 billion Accelerated Entitlement Offer and Placement (underwriters)

Cross Border

  • UPS: strategic cross-border package delivery joint venture with SF Express (China’s largest delivery group) 
  • Commonwealth Bank of Australia: ongoing advice on its various investments and joint ventures in China 
  • Australian private equity fund: on its China events / ticketing joint venture with a listed Chinese group
  • Future Mobility Corp: on its electric vehicle joint venture with the Nanjing government  
  • Evercore: on establishing a Chinese subsidiary and market entry
  • Chinese SOE: proposed acquisition of a power project in Kenya
  • Macquarie Group’s: employee incentive arrangements in China
  • China Re. AXA and Aetna: respectively on their personal, property and health insurance joint ventures in China
  • Various UK, US, Australian and New Zealand listed entities:on their China joint venture arrangements and proposals 
  • Match divestment in Zhenai:PRY takeover defence; Power China PPP in Kenya
  • Global Switch: Chinese Consortium on its £2.4 billion strategic investment in Global Switch, the leading owner, operator and developer of large scale, carrier and cloud neutral data centres in Europe and Asia-Pacific. 
  • Chinese fund: proposed equity stake in, and joint venture with, listed New Zealand healthcare group 
  • CBA: on investments in Qilu Bank, Hangzhou Bank and Chinese county banks
  • Hopu Investments': cornerstone stake in Paladin Energy (acting for Chinese investment house, Hopu)
  • Commonwealth Bank of Australia: RMB 659 million sale of 15 PRC County Banks to Qilu Bank in exchange for listed shares in Qilu
  • Sequoia Capital China: participation in Series A round capital raisings for Australian start-ups: HyperAnna (artificial intelligence powered data analysis service for businesses); Airwallex (cross-border B2B forex payment platform); and Baraja (high-resolution 3D machine vision systems for autonomous vehicles)
  • Evolution Health: (Australian health products company) – advice on market entry and PRC contracts and regulatory matters
  • Wattle Hill: (Australian PE fund focused on Chinese market opportunities) co-investment with Qiaqia Foods in Buderim Group, an ASX-listed ginger and macadamia processor and distributor
  • Zurich: A$854 million acquisition of ASX-listed Cover-More Group (leading travel insurance and assistance solutions provider) by scheme of arrangement, including its Chinese business
  • Shanghai Pharma and Primavera Capital: A$314m acquisition of Vitaco Holdings Limited (ASX listed nutritional products company) by scheme of arrangement.
  • Inner Mongolia Fuyuan Farming Co Ltd and major shareholder China Mengniu Dairy: acquisition of a 79 percent stake in Burra Foods (Australia) Pty Ltd, an Australian dairy ingredient processor 
  • Bindaree Beef: sale and issue of a combined 45% stake to one of China’s largest meat processors, Shandong Delisi Food Co
  • Various UK, US, Australian and New Zealand listed entities: on their China joint venture arrangements and proposals 

Private Equity 

  • Sequoia Capital China: participation in Series A round capital raisings for Australian start-ups: HyperAnna (artificial intelligence powered data analysis service for businesses); Airwallex (cross-border B2B forex payment platform); and Baraja (high-resolution 3D machine vision systems for autonomous vehicles)
  • Wattle Hill: (Australian PE fund focused on Chinese market opportunities) co-investment with Qiaqia Foods in Buderim Group, an ASX-listed ginger and macadamia processor and distributor
  • Shanghai Pharma and Primavera Capital: A$314m acquisition of Vitaco Holdings Limited (ASX listed nutritional products company) by scheme of arrangement
  • Australian private equity fund: on its China events / ticketing joint venture with a listed Chinese group

 Financial Institutions

  • Commonwealth Bank of Australia: RMB 659 million sale of 15 PRC County Banks to Qilu Bank in exchange for listed shares in Qilu
  • Zurich: A$854 million acquisition of ASX-listed Cover-More Group (leading travel insurance and assistance solutions provider) by scheme of arrangement, including its Chinese business
  • Macquarie Group: $20 billion non-operating holding company restructure by way of schemes of arrangement to establish MGL as the listed holding company of the group (first such restructure by a major Australian bank)
  • Steadfast Group:restructure, broker acquisitions and IPO
  • Steadfast: $105 million acquisition of Calliden Group Limited (by scheme of arrangement) and on-sale of Calliden's general insurance operations to Munich Re 
  • Macquarie: $1.3 billion distribution of Sydney Airport stapled securities
  • AMP: $425 million sale of a 15% interest in the AMP Capital business to, and strategic alliance with, Mitsubishi UFJ Trust & Banking Corporation
  • Commonwealth Bank of Australia: ongoing advice on its various investments and joint ventures in China 
  • Evercore: on establishing a Chinese subsidiary and market entry
  • Macquarie Group’s: employee incentive arrangements in China
  • China Re. AXA and Aetna: respectively on their personal, property and health insurance joint ventures in China
  • CBA: on investments in Qilu Bank, Hangzhou Bank and Chinese county banks

Health

  • Estia Health: $1 billion IPO
  • Primary Health Care: $2.65 billion hostile takeover of Symbion Health followed by the $560 million sale of Symbion consumer business and $503 million sale of Symbion pharmacy business
  • Chinese fund: proposed equity stake in, and joint venture with, listed New Zealand healthcare group 
  • Evolution Health: (Australian health products company) – advice on market entry and PRC contracts and regulatory matters
  • Chinese SOE consortium: underbidder in its bid for the circa A$1.6 billion Swisse vitamins group 

Infrastructure

  • Transurban-led consortium: $7.06 billion acquisition of Queensland Motorways
  • Macquarie Infrastructure Group: $804 million sale of its 50% interest in the Westlink M7 Motorway to Western Sydney Roads Group
  • Black Diamond: $72.5m joint venture and acquisition of Australian Portable Buildings

Industrials & Consumers

  • Woolworths: acquisition and then subsequent sale of Austral manufacturing assets (including Chinese subsidiary)
  • Brambles: $1.4 billion demerger and listing of Recall
  • Super Retail Group’s: $610 million acquisition of Rebel Group Limited and the related $334 million accelerated entitlement offer to fund that acquisition
  • UPS’: strategic cross-border package delivery joint venture with SF Express (China’s largest delivery group)
  • Future Mobility Corp: on its electric vehicle joint venture with the Nanjing government  

Food & Agribusiness

  • Inner Mongolia Fuyuan Farming Co Ltd and major shareholder China Mengniu Dairy: acquisition of a 79 percent stake in Burra Foods (Australia) Pty Ltd, an Australian dairy ingredient processor 
  • Bindaree Beef: sale and issue of a combined 45% stake to one of China’s largest meat processors, Shandong Delisi Food Co
  • CSR: attempted demerger of the CSR Sugar business
  • Lion Nathan: sale of Mitchelton Winery

Qualifications

  • 2006: LLM (First Class Honours), The University of Cambridge
  • 2002: LLB (First Class Honours), The University of Sydney / exchange to New York University, School of Law

Admissions 

  • 2004: High Court - Australia
  • 2004: Federal Court - NSW - Australia
  • 2003: Supreme Court - NSW - Australia

Professional memberships 

  • Law Society of NSW
Legal insights

Have there been any recent changes to the Foreign Investment rules in Australia? There have been two key changes to the FDI rules in Australia.  The first is the temporary change to the...

24 July 2020

The seventh annual Global Food Forum was held in Sydney on 20 March. M&A Senior Associate Mark Vanderneut attended the conference.

27 March 2019

In China’s push to create an open yet orderly economy, the National Development and Reform Commission has issued new rules on Chinese outbound investments.

13 March 2018

China’s State Council published a set of investment guidelines providing official clarity by classifying overseas investments into three main categories: encouraged, restricted and prohibited...

21 August 2017

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