King & Wood Mallesons (KWM) has advised ASX-listed global telecommunications service provider 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.
Symbio shareholders had the option to receive a mix of cash and ABB shares, maximum cash or maximum scrip as part of the transaction. The combination will result in a significantly larger and more diversified telecommunications company, with a strong growth profile and customer mix. ABB will also enhance its product capability through Symbio’s strength in the business, enterprise and government and wholesale segments of the telecommunications market.
KWM’s role in the transaction involved supporting Symbio on all legal aspects of the transaction, from initial exclusivity with Superloop, due diligence, negotiation and drafting of binding transaction documents, preparation of the Scheme Booklet, taxation and competition law advice, and implementation.
The KWM team was led by KWM Chair David Friedlander and Corporate M&A Partner Paul Schroder and supported by Senior Associate Tom Harrison, Special Counsel Jennifer Cheung and Solicitors Sarah Jones, Sascha Downing, Gordon Yen and Campbell Burns-McRuvie. Further specialist advice was provided from KWM teams including Partner Greg Protektor (Tax), Partner Christopher Kok and Senior Associate Joe Saunders (Competition), Partner Alexander Morris and Senior Associate Laura Dransfield (Dispute Resolution).
Commenting on the deal, Partner Paul Schroder said:
“Congratulations to Symbio’s board and management team for delivering a successful outcome for shareholders.”
With Senior Associate Tom Harrison adding: “ We’re pleased to have supported Symbio on this significant combination with Aussie Broadband which will strengthen the newly combined group’s product capability to customers and the wider telecommunications market.”
