Leading the biggest private equity deal of 2016

The background: An attractive target

Private equity firm Baring Asia saw great potential in Sydney-based SAI Global, a leading provider of integrated risk solutions and property services. SAI Global has operations in 29 countries across Europe, North America, the Middle East, Africa and Asia-Pacific – the sort of size and scale that have long made it a target for prospective takeovers. Indeed, several proposals had been made for the business up to 2016, however none had met the approval of the SAI Global board. Baring Private Equity Asia engaged MinterEllison to advise on and orchestrate a favourable deal for both parties.

A billion-dollar deal

After months of negotiations, Baring Private Equity Asia offered $1.24 billion for SAI Global by Scheme of Arrangement in September of 2016.

In November, SAI Global shareholders met and voted on the scheme in Sydney, with almost 100 per cent of votes cast in favour of the deal. The scheme was implemented in December 2016.

While MinterEllison handled the legal negotiations and provided strategic advice, particularly in relation to structuring and navigation of regulatory hurdles. MinterEllison also advised Baring Private Equity Asia on the US sourced debt package for the transaction.

The outcome

Baring Private Equity Asia’s bid was significant for its billion-dollar price tag, the largest private equity deal in Australia in 2016.

MinterEllison was the legal adviser to Baring Private Equity Asia on the transaction, with a team led by private equity specialist Ricky Casali.