Herbert Smith Freehills has advised Boral Limited on its US$1.6 billion 50/50 plasterboard and ceilings joint venture with USG Corporation (announced 17 October 2013). The transaction combines USG’s best-in-class building products technologies and strategic assets in Asia, New Zealand and the Middle East with Boral’s leading plasterboard manufacturing and distribution footprint in Asia and Australia.
The transaction establishes a cross-border joint venture covering multiple jurisdictions, with both parties contributing existing businesses and intellectual property. This includes exclusive access to USG’s world-leading building products technologies in the joint venture’s territory.
The Herbert Smith Freehills team was led by partner Stephen Dobbs, with partner Adam Strauss running the multi-jurisdictional due diligence demanded by a transaction of this nature. Stephen and Adam were principally assisted by senior associates Richard Simpson, Josh Messing and Richard Conway and by lawyers Alex Sweeney and Ashley Carlstein. The matter also involved extensive contributions from partners and lawyers in Herbert Smith Freehills offices across Asia and the Middle East.
“It has been fantastic to be able to assist Boral, a long standing client of our firm, with what is a game-changing strategic transaction in one of the fastest growing plasterboard regions in the word,” said Stephen Dobbs. “The deal is truly cross-border and has provided us with an opportunity to leverage our capacity and expertise in jurisdictions across the region to deliver a comprehensive service to Boral.’
Herbert Smith Freehills was part of a Boral advisory team that included Gresham Advisory Partners, Macquarie and KPMG.
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