Allens Arthur Robinson (Allens) has advised Canada Pension Plan Investment Board (CPPIB) on the sale of its stake in toll road operator Transurban Group for A$903 million.
CPPIB, which is one of the world’s largest institutional investors, has sold more than 172 million stapled securities, about 12 per cent of the issued capital of Transurban, for A$5.23 each. The securities were sold under a fully underwritten fixed-price block trade managed by UBS.
Partner Wendy Rae, who led the Allens team on the matter, said the transaction represents the largest block trade on the ASX this year, and one of the largest trades ever in Australia.
‘We are pleased to have assisted CPPIB to successfully complete this important sale,’ Ms Rae said.
Senior Associate Paul Bernath worked on the deal from his base in Boston, USA.
‘Being in the same time zone as the client has allowed us to respond quickly and provide complete coverage,’ Mr Bernath said.
Allens has previously worked with CPPIB on a number of deals, including its A$3.47 billion acquisition of Australian toll-road owner Intoll Group late last year, and its A$7.5 billion acquisition of Macquarie Communications Infrastructure Group in 2009 (the Canadian Dealmakers private equity deal of 2009).
The firm also advised a consortium including CPPIB, Ontario Teachers’ Pension Plan and Sydney based CP2 on attempts to acquire Transurban last year for A$7 billion.
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. At 31 March 2011, the CPP Fund totalled $148.2 billion.
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