Herbert Smith Freehills Kramer Advised Brookfield On A$2.5 Billion Sale And Restructure Of Stake In Patrick Terminals

Herbert Smith Freehills Kramer Advised Brookfield on A$2.5 Billion Sale and Restructure of Stake in Patrick Terminals

The global law firm, Herbert Smith Freehills Kramer (HSF Kramer) represented Brookfield, together with its institutional co-investors, on the sale and restructure of its 50% interest in Patrick Terminals, a major Australian container terminal business. The transaction reflected an enterprise value for Patrick Terminals in excess of A$6.6 billion.

Patrick Terminals operates container ports and rail terminals across Australia and is jointly held by the Brookfield consortium and Qube Holdings Ltd (ASX: QUB). As part of the transaction, a new consortium acquired the Brookfield consortium’s 50% stake. The new consortium comprises a Brookfield-controlled fund along with certain existing co-investors who increased their interest in the business.

Commenting on the transaction, Philippa Stone said, “We are delighted to have assisted Brookfield on this important transaction, with the firm also having advised Brookfield and its consortium partners on their initial acquisition of Patrick Terminals in 2016.”

Freshfields, MinterEllison, and Strauss & Partners advised other parties to the transaction.

Brookfield is a global alternative asset manager with over US$1 trillion in assets under management, focused on renewable power and transition, infrastructure, private equity, real estate, and credit. It is listed on the New York Stock Exchange (NYSE: BAM) and the Toronto Stock Exchange (TSX: BAM).

The Herbert Smith Freehills Kramer corporate team was led by Philippa Stone (Partner) and Nick Baker (Partner), with support from Marijana Banovac (Senior Associate), David Tilley (Senior Associate), Spandan Das (Solicitor), Ramon Callis (Solicitor), and Mudit Dhami (Solicitor).

The debt financing aspects were led by Andrew McLean (Partner), supported by Adam Tucker (Senior Associate) and Ellen Tetley (Solicitor). Competition law advice was led by Patrick Clark (Partner), with support from Tom Allen (Senior Associate). Specialist advice was provided by Jinny Chaimungkalanont (Partner) and Daniele Rostirolla (Senior Associate).

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