Gilbert + Tobin advised Woolworths Holdings on its proposed acquisition of David Jones Limited by scheme of arrangement.
David Jones was advised by Herbert Smith Freehills
G +T was led by a team of partners which included Hiroshi Narushima, Craig Semple, James Lewis, Gina Cass-Gottlieb, Elizabeth Avery, Peter Feros and Amanda Hempel.
“The acquisition of David Jones is a transformational transaction for Woolworths and would make it one of the top 10 global department store operators. These complex, cross border transactions are challenging but very satisfying when they all come together,” Narushima said.
The Herbert Smith Freehills team was led by partner Rebecca Maslen-Stannage and senior associate Courtney Dixon.
Woolworths Holdings has entered into a scheme of arrangement to acquire David Jones for $2.15 billion, including an international debt finance package.
The deal has already caused David Jones shares to surge by 23% this morning.
This deal adds to G +T's already strong M&A record for 2014. During the first quarter the firm advised Vitol on its $2.9 billion acquisition of Shell’s Australian assets, Aurora Oil & Gas on its 2.6 billion proposed acquisition by Baytex and the executive directors of Leighton Holdings Limited on the $1.1 billion partial takeover offer to acquire by Hochtief Australia Holdings Limited.
G+T ranks first in Bloomberg's table of first-quarter announced deals ranked by value, and first in Mergermarket's table of first-quarter M&A deals according to value.
This morning’s surprise $2.15 billion acquisition of David Jones by Woolworths Holdings Limited (South Africa) was orchestrated through the work of two top-tier firms.