MinterEllison advised Baring Private Equity Asia (BPEA) on its acquisition of risk management, compliance and property services company SAI Global. With operations in 29 countries across Europe, North America, the Middle East, Africa and Asia-Pacific – it is the largest deal of its kind in Australia in 2016. BPEA is a leading Asia-Pacific focused private equity fund manager with funds of over US$9 billion under management.

Significance

Several prior take-private proposals had been made for SAI Global in recent years by other private equity funds, none of which proceeded. After months of negotiations, BPEA offered $1.24 billion for SAI Global by Scheme of Arrangement in September of 2016. The buyout and take-private proposal was the largest private equity backed public-to-private deal completed in Australia since 2010.

With a billion-dollar price tag, the offer was also BPEA’s first major transaction in Australia.

The outcome

In November of 2016, SAI Global shareholders met and voted on the scheme in Sydney, with almost 100 percent of votes cast agreeing to the offer. The scheme was implemented in December 2016.

MinterEllison assisted in all aspects of the transaction including negotiations, foreign investment approvals, due diligence and the scheme process. The firm also advised BPEA on the US sourced debt package.