Firm advises on $2bn telco acquisition

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Herbert Smith Freehills has advised on the acquisition of Crown Castle Australia Limited.
A Macquarie Infrastructure and Real assets led consortium has acquired Crown Castle from its US-based parent and majority shareholder, Crown International, and from Todd Corporation in New Zealand. 
Crown Castle, the largest independent telecommunications tower operator in Australia, owns and operates around 1800 sites nationwide, leasing them to major telecommunications companies including Telstra and Optus.
Partner Joel Rennie led the Herbert Smith Freehills team, advising a syndicated of local and international banks providing debt package to the consortium’s acquisition group to partially fund the purchase price for the acquisition.
“This was a great win for the sponsors on what was a highly competitive bid process,” said Rennie.  “Achieving completion and financial close in a short period of time following execution of the sale and purchase agreement really demonstrated how well coordinated the bid was a whole.”
The $2bn acquisition marks the largest telecommunications infrastructure deal since Telstra leased pits, pipes and copper lines to build the national broadband network in a deal worth over $11bn.
Norton Rose Fulbright also acted, advising the consortium on the transaction.