Australia: Clayton Utz acts for financiers to consortium on the successful completion of the $16.189 billion Ausgrid lease deal
Last Updated: 5 December 2016

Melbourne, 2 December 2016: Clayton Utz has acted for the financiers to the consortium comprising IFM Investors and AustralianSuper on the successful completion of the partial lease of electricity and energy services distributor Ausgrid.

The transaction, valued at $16.189 billion, reached financial close yesterday.

Under the terms of the Sale and Purchase Agreement, which was announced by the NSW Government on 20 October, the consortium has acquired 50.4% of the long-term lease of Ausgrid, with the NSW Government retaining a 49.6 percent stake.

The NSW Government will apply the proceeds raised towards funding critical infrastructure projects as part of its $20 billion Rebuilding NSW plan.

Partner Dan Fitts led the Clayton Utz deal team, which included special counsel Trish Moloney and special counsel Maria Ratner.

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