Herbert Smith Freehills Kramer advises Brookfield on A$2.5 billion sale and restructure of interest in Patrick Terminals

Herbert Smith Freehills Kramer (HSF Kramer) is proud to have advised Brookfield (with its institutional co-investors) on their sale and restructure of a 50% holding in Patrick Terminals.

Patrick Terminals is a major Australian container terminal business with operations at ports and rail terminals around Australia, which is jointly held by the Brookfield consortium and Qube Holdings Ltd (ASX:QUB). The transaction reflected an enterprise value for the business in excess of A$6.6 billion.

The transaction involved a new consortium acquiring the Brookfield consortium’s 50% interest in Patrick Terminals. The new consortium comprises a new Brookfield-controlled fund and certain existing co-investors who have increased their interest in Patrick Terminals.

HSF Kramer’s Corporate team was led by partners Philippa Stone and Nick Baker, with support from senior associates Marijana Banovac and David Tilley and solicitors Spandan Das, Ramon Callis and Mudit Dhami. Partner Andrew McLean led the debt financing required for the transaction, supported by senior associate Adam Tucker and solicitor Ellen Tetley. Partner Patrick Clark led the competition aspects, with support from senior associate Tom Allen. Partner Jinny Chaimungkalanont and senior associate Daniele Rostirolla assisted the teams with specialist advice.

Philippa Stone said, “We are delighted to have assisted Brookfield on this important transaction, with the firm also having advised Brookfield (and its consortium partners) on their initial acquisition of Patrick Terminals in 2016.

Freshfields, MinterEllison and Strauss & Partners advised other parties to the transaction.

Brookfield is an alternative asset manager with more than $1 trillion of assets under management focused on renewable power and transition, infrastructure, private equity, real estate, and credit. It is listed on the New York Stock Exchange (NYSE:BAM) and Toronto Stock Exchange (TSX:BAM).