King & Wood Mallesons (KWM) has advised Brookfield Business Partners on its proposal to acquire Healthscope, Australia’s second-largest private hospital operator. The transaction, which was announced on the 1 February 2019, implies an enterprise value of $5.7 billion.
The transaction is innovative in that it involves a simultaneous scheme of arrangement and takeover and involves financing by Brookfield’s real estate partners – who are acquiring a large portion of Healthscope’s property portfolio as part of the transaction – as well as funding by a number of Australian banks.
KWM’s multi-disciplinary deal team was led by Partner David Eliakim along with Partners Mark McNamara, Alex Elser, Mark Bayliss, Paul Crawford, Chris Pitson, Yuen-Yee Cho, Katrina Parkyn, Malclom Brennan and Scott Heezen. Supported by Senior Associates Anthony Boogert, Mark Vanderneut, Chloe Johnston, Alex Lam, and Will Stawell.
Commenting on the deal, M&A partner David Eliakim said: “I feel very proud of the contribution we made to bringing this complex transaction to fruition. Every member of our team put their best foot forward, and stood by each other, in helping Brookfield achieve its objectives over an intense period of almost 3 months. KWM has a longstanding relationship with Brookfield across its real estate, infrastructure, treasury and private equity divisions and we are always grateful for the opportunity to work with this truly impressive organisation.”
KWM has worked on a number of significant transactions with Brookfield, having most recently advised on the purchase of AT&T’s colocation data centres.