King & Wood Mallesons (KWM) and Ashurst advised in the billion-dollar deals to acquire Australia’s second-largest private hospital operator.
KWM advised Brookfield Business Partners on its bid to acquire Healthscope. The $4.5bn takeover implies an enterprise value of $5.7bn.
Ashurst advised NorthWest Healthcare Properties REIT on the $1.3bn acquisition and leaseback of 11 freehold hospitals from Healthscope.
KWM said that the deal is complex because it involves a concurrent scheme of arrangement and takeover, financing by Brookfield’s property partners, and funding from major Australian banks.
Ashurst said that the sale and leaseback hinges on Brookfield acquiring more than 50% of Healthscope, as well as NorthWest and affiliates getting Foreign Investment Review Board approval. NorthWest has arranged a property-level debt facility of about $745m from an ANZ-led syndicate.
M&A partner David Eliakim headed the KWM team. Partner Mark Bayliss headed the real estate team. The finance team was led by partner Yuen-Yee Cho. Private equity matters were handled by a team headed by partner Mark McNamara. The projects group was led by partner, Dominic Bortoluzzi. KWM’s tax team was headed by partner Katrina Parkyn. FIRB matters were handled by the team led by partner Malcolm Brennan.
“I feel very proud of the contribution we made in bringing this complex transaction to fruition. Every member of our team put their best foot forward and stood by each other to help Brookfield achieve its objectives over an intense period of almost three months. KWM has a longstanding relationship with Brookfield across its property, infrastructure, treasury and private equity divisions,” Eliakim said.
Ashurst’s deal team was led by corporate partner John Brewster and financing partner Martin Coleman. There were supported by partners Richard Brooks, Pauline Tan, Nick Terry, Elspeth Arnold, John Satori, Con Tzerefos, Anton Harris, Jamie Ng, Justin Jones, Ian Kellock, and Geoff Mann. Counsel Vanessa Flax; senior associates Eliza Blandford, Madeleine de Garis, Bronwyn Kirkwood, Kristina Popova, Harry Stone, Victoria Lee, Jacinta Pitos; and lawyers Ryan Kabat, Stephen Moore, Jonathan Bisset, Jake Saccardo, and Duncan Knowles also worked on the deal.