The acquisition follows Service Stream’s extraordinary general meeting in late April, at which Service Stream’s shareholders approved the proposal to acquire TechSafe by an overwhelming majority of 95.4%.
The K&L Gates team was led by Melbourne corporate and M&A partner John Mann and included senior associate Malcolm Lum and lawyer Nicolas Lee. The team advised TechSafe on all legal aspects relating to the sale of 100% of both TechSafe Australia Pty Ltd and TechSafe Management Pty Ltd shares.
Mann said that the team worked collaboratively with all corporate and legal advisers to achieve the companies’ goals in the deal. With the deal, Service Stream diversifies and adds additional annuity-style revenue.
The acquisition boosts Service Stream’s portfolio, strengthening its position as an essential networks services provider. Before the acquisition, company’s divisions were wireless communications networks, fixed-line communications networks, energy and water networks, and corporate support networks.
The Melbourne-based TechSafe provides inspection, auditing and compliance services nationally to electricity network owners, electricity industry regulators, government entities, and electrical contractors. The company completes more than 100,000 inspections and compliance audits every year.
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Two top firms advised on the sale of Australia’s largest independent electrical inspection company. King & Wood Mallesons acted for ASX-listed Service Stream in its acquisition of TechSafe, which was advised by K&L Gates.