Mergers & Acquisitions

Acquisition of Perth International Airport

In 1997 Morrison & Co acted for Infratil Australia and the successful acquisition of the airport during the Commonwealth Government’s sale of the Phase 1 airports. Morrison & Co’s role included:

• negotiation and finalisation of consortium shareholder agreements and technical services agreements;
• management and completion of due diligence process;
• acquisition valuation, negotiation and documentation of the senior debt facility as part of the consortium; and
• a separate bridging facility for Infratil Australia;
• technical input into business planning, preparation and submission of a formal expression of interest and final binding offers;
• arrangement of the underwriting required by the government sale process, and negotiations with banks and government as part of the equity group.

On acquisition Morrison & Co had responsibility through majority Board representation for implementation of the business plan and guidance of airport development.

Subsequent to the acquisition of the airport, Morrison & Co was mandated to undertake a comprehensive refinancing of the airport, which included an overseas bond issue for which Morrison & Co arranged the underwrite.