Allens and Linklaters have acted for a consortium led by Hong Kong’s CK Infrastructure (CKI) on its A$12.98 billion ($9.8 billion) bid for Australia’s biggest gas pipeline company, APA Group, which was represented by King & Wood Mallesons..
Apart from CKI, the largest publicly listed infrastructure company in Hong Kong, the other companies in the consortium are CK Asset Holdings and Power Assets Holdings. CKI is part of the business empire founded by Hong Kong tycoon and billionaire Li Ka-shing.
According to Reuters, the deal would make CKI the major player in Australia’s east coast gas pipeline network. But it comes as soaring gas and power prices have caused political blowback, raising concerns it could run into competition and national security hurdles. The deal is subject to Foreign Investment Review Board (FIRB) and Australian Competition and Consumer Commission approvals.
The Allens team was led by projects partner Kate Axup, M&A partners Wendy Rae and Richard Kriedemann, and competition partner Ted Hill. Rae is working on FIRB approval. Linklaters advised the consortium on its Hong Kong Stock Exchange requirements.
The KWM group was led by Australia chairman Stephen Minns and M&A partner Will Heath.
This is the second Australian transaction involving CKI that Allens and KWM have advised on. Earlier, KWM acted for CKI when it led a consortium that took electricity company DUET Group private for $7.4 billion. DUET was advised by Allens.
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