Gresham acted as independent advisor to Prime Infrastructure (Prime) in relation to the proposed acquisition of Prime by Brookfield Infrastructure Partners L.P. (BIP).
The merger created a leading global infrastructure company with a market capitalisation exceeding US$2.5 billion.
The transaction was implemented by way of a Scheme of Arrangement. Brookfield Infrastructure also made a concurrent Takeover Offer for Prime. The Takeover Offer was to proceed only if the Scheme of Arrangement failed and was not subject to any minimum acceptance threshold.
The transaction was subject to regulatory approvals in Australia, New Zealand, Europe and the United States, Court approval in Australia, and approval of holders of a majority of Brookfield Infrastructure units. The transaction followed Prime Infrastructure’s (formerly Babcock & Brown Infrastructure) A$1.8 billion recapitalisation and restructure in 2009 (on which Gresham also advised).