Quadrant/APN joint venture – A$272 million

Firm: Baker & McKenzie
Lead Lawyers: David Holland, Adrian Lawrence, Glen Selikowitz
Client: APN News and Media

Firm: Minter Ellison
Lead Lawyers: Callen O'Brien, Riccardo Casali, Glen Sauer
Client: Quadrant Private Equity (Quadrant)

• Quadrant has formed an equal joint venture with APN News & Media targeting expansion within the outdoor advertising segment in Australia, New Zealand and Asia. The venture covers APN’s wholly-owned outdoor businesses in Australia and New Zealand as well as APN’s 50 percent interest in Rainbow Premium Outdoor, its Indonesian outdoor business
• The equal joint venture structure is unusual for the Australian PE market, where PE usually acquires 100 percent or a controlling stake of a target business
• Baker & McKenzie was also involved in this month’s other big media deal, Optus’s acquisition of Vividwireless from the Seven Group
• Quadrant is a long standing client for Minter Ellison. The firm recently advised on its investments in Sentia Media and the Independent Pub Group, the sale of Quick Service Restaurants, and the establishment of Quadrant Private Equity Fund III

Optus acquisition of Vividwireless from Seven Group – A$230 million

Firm: Baker & McKenzie
Lead Lawyers: James Halliday, Rodney Stone
Client: Optus

Firm: Clayton Utz
Lead Lawyers: Kate Jordan, Rod Halstead, Linda Evans
Client: Seven Group

• Through this purchase, Optus will gain access to up to 98MHz of spectrum in the 2.3GHz band
• Baker & McKenzie has also been advising Singtel/Optus on its NBN Co negotiations
• Clayton Utz also advised its long term client Seven Group on the acquisition of free-to-air television rights for AFL from 2012-2016. The transaction was announced in May 2011 and was worth more than A$1.25 billion

Hot Rock/Energy Development Corporation joint venture – up to A$200 million

Firm: Freehills
Lead Lawyers: Rob de Boer, Sharon Wilson
Client: Energy Development Corporation

Firm: HopgoodGanim
Lead Lawyer: Brian Moller
Client: Hot Rock Limited

• Energy Development Corporation will acquire a 70 percent interest in four of Hot Rock's South American projects: the Calerias and Longvai projects in Chile, and the Quellaapacheta and Chocopata projects in Peru
• Freehills advised on another recent energy joint venture in October 2011. It advised AGL Energy on the development of the Diamantina Power Station in Mt Isa. Negotiations included a long term Energy Supply Agreement with Xstrata and a Power Purchase Agreement with Ergon Energy
• HopgoodGanim has advised Hot Rock since 2007, including advising on its ASX listing and IPO

 
Plenary Group sale of assets to Caisse – A$139 million

Firm: Herbert Geer
Lead Lawyers: Martin Irwin, Michael Truelove
Client: Caisse de depot et placement du Quebec (Caisse)

Firm: Minter Ellison
Lead Lawyer: Ben Liu, Theo Kindynis, Adrian Varrasso
Client: Plenary Group

• Canadian pension fund Caisse has made its first Australian investment, teaming up with the Plenary Group to invest A$139 million in five local public-private partnerships, including the Melbourne Convention Centre and Australian Defence Force accommodation units.
• Caisse has $152 billion in net assets and has said it plans on further infrastructure investment within Australia and elsewhere
• Herbert Geer’s role on this transaction was multi-disciplinary. The firm advised Caisse for the first time and drew on expertise across projects, infrastructure, financing, funds management and M&A
• Minter Ellison advised the Plenary Group on all legal aspects of the transaction, including structuring, transaction documentation and tax advice. Plenary is a long time Minter Ellison client for secondary sale transactions. Partner Kindynis has also advised on numerous other Melbourne property transactions, including the financing of ‘Zen’ apartments, ANZ’s Rabinov Property Trusts portfolio and the Holiday Inn (though not acting for the Plenary Group)