Minter Ellison advises bank syndicate on Foxtel acquisition of AUSTAR
24 May 2012
Pay-television provider Foxtel's A$1.9bn acquisition of 100% of its regional counterpart, AUSTAR United Communications, creates one of Australia’s largest media businesses, with more than 2,500 employees, anticipated revenue of more than A$2.8bn and a combined annual investment in original Australian content of more than A$500m.
The Minter Ellison team, led by John Mosley (Partner, Sydney), advised the syndicate of banks on revolving and bridge facilities to the Foxtel Group. The Sydney-based team also included Daniel Marks (Partner), Felicity Probert (Lawyer), Ron Forster, Michael Barr-David (Partners), Bob Austin (Senior Legal Consultant), Nick Slack, Cynthia Li, Michael Gajic (Senior Associates), and Wesley Lalich (Lawyer).
Lead partner John Mosley said 'The deal was one of the few big ticket debt funded M&A transactions in the market for 2012. It was refreshing to see that, for the right deal, it is still possible to muster strong support from the banks, particularly the domestic banks who are highly rated by world standards'.