Australian firms lead in blockbuster deal for live-events company

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Two leading firms in Australia have acted as a live-events giant has been sold in a blockbuster cross-border deal.

Corrs Chambers Westgarth was the Australian counsel of Silver Lake Partners, which has acquired TEG from Affinity Equity Partners. King & Wood Mallesons (KWM) advised Affinity and its affiliates, as well as other vendor shareholders.

Silver Lake, a technology investor with more than US$43bn in assets under management, was also advised by Latham & Watkins. Goldman Sachs also advised TEG.

Although financial details of the deal were not disclosed, The Australian Financial Review says that it is worth nearly $1.3bn. That would mean Affinity has effectively doubled the price of TEG, which it bought in 2015 for $640m.

TEG is best known in Australia as the owner of Ticketek, but it also owns brands including Eventopia, Softix, and TEG Live. It also owns Qudos Bank Arena in Sydney. TEG processes more than 30 million tickets every year for more than 30,000 events across 13 countries.

Corrs told Australasian Lawyer that its cross-practice deal team was headed by corporate partner Andrew Lumsden. Head of corporate, Sandy Mak, and fellow corporate partner Gaynor Tracey also worked on the deal.

Rommel Harding-Farrenberg, head of banking and finance, also advised on the deal. Rhys Jewell, head of tax, and partner Cameron Rider, were also part of the team.

IP matters were handled by partner Eugenia Kolivos. Partner Jack de Flamingh of the firm’s workplace team and partner Paul Carrick of the property group also worked on the deal.

KWM told Australasian Lawyer that its was led by partner Mark McNamara, who leads the firm’s private equity team, and senior associate Anthony Boogert.  Tax partner Tim Sherman and banking and finance partner Elizabeth Hundt Russell also provided specialist advice. The team also included special counsel Mandy Tsang and senior associates Victoria Lanyon and Dan Flanagan