Australia's leading independent law firm, Corrs Chambers Westgarth, has advised YTL Power International Berhad (YTL Power) on the sale of its 33.5% stake in ElectraNet to Australian Utilities Trust (AUT) for A$1.026 billion.
YTL is a Malaysia-based multi-utility group active across key segments of the utilities industry. It has held its stake in ElectraNet, South Australia's primary high voltage electricity transmission company, since ElectraNet was privatised in 2000.
YTL's stake will be acquired by AUT, a specialist infrastructure fund with an existing stake in ElectraNet. AUT's unitholders include Utilities Trust of Australia, the Infrastructure Fund and Sunsuper Superannuation Fund
Corrs advised on all aspects of the sale process, leveraging the combined expertise of the Corrs' Corporate, Energy and Resources, Banking and Finance, Employment, Intellectual Property, Environment and Planning, Property, Technology, Media and Telecommunications, and Tax teams. The deal was led by Head of Corporate Sandy Mak and partner Alexandra Feros, supported by Head of Banking and Finance Rommel Harding-Farrenberg and special counsel Annabel Doneley and Megan Russell.
Commenting on the deal, Sandy Mak said: "We were pleased to advise our client YTL on its successful sale process. As a competitive and complex sale involving a significant infrastructure asset, the combined expertise of the Corrs team was crucial to securing this result."
Kathleen Chew, YTL Group Legal Counsel said: "Corrs' multi-practice expertise, sound industry knowledge and deal-focused team contributed greatly to the efficient execution of this transaction. We look forward to its successful conclusion and to future collaborations with Corrs."