Ashurst has advised Hong Kong private equity firm PAG Asia Capital on its A$1.4 billion ($898 million) acquisition of F&B company Australian Venue Co. Holdings (AVC) from KKR, which was represented by Allens.

The decision by PAG to buy AVC, the operator of 210 hotels and restaurants in Australia and New Zealand, comes even though consumer sentiment in Australia is weakening as retail spending and confidence, Reuters reported. The transaction is expected to close in late 2023.

The Ashurst team was led by partner Anton Harris with assistance from partners Phil Breden, Jo En Low, Rehana Box, John Stawyskyj, Kitty Vo, Hong-Viet Nguyen, Rebecca Cope, Emma de Carle, Jennie Mansfield, Anita Cade, Rebecca Dixon, and Alyssa Phillips.

The Allens team was headed by partners Emin Altiparmak, Rob Pick, David Couper, Annabelle Aland, Simon Dewberry, and Tim Golder.