$46.6m block trade succeeds with Ashurst’s help

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Ashurst advised IFM Investors (IFM) on the sale of its Scottish Pacific Group stake.

IFM sold down its 12.4% stake as its shares in Scottish Pacific came out of escrow on 29 August, after Scottish Pacific announced its results.

The block trade managed by J.P. Morgan, which pegged the price of a share at $2.70, will raise about $46.6m.

Ashurst’s team was led by corporate partner Sarah Dulhunty, and included corporate lawyer Kristen Wong.

Ashurst also advised the consortium of IFM Investors and AustralianSuper on its $16.2bn acquisition of a 50.4% stake in Ausgrid from the state of New South Wales. It was last year’s largest mergers and acquisitions deal in Australia.

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