Australian law firm Allens has advised a consortium of investors on their $2.6 acquisition of Uniti, an Australian fiber broadband provider. Uniti was advised by Clayton Utz.
Uniti Group Limited is the second largest fiber-to-the-premises (FTTP) provider in Australia and owns fiber broadband builders OptiComm and LBNCo, as well as FTTP business Velocity.
Morrison & Co, Brookfield Asset Management, and Commonwealth Superannuation Corporation paid A$3.7 billion for the company.
“This is a remarkable transaction in the telecommunications sector and we look forward to seeing the business continue to support Australian connectivity,” Allens’ lead partner on the deal. Tom Story. said in a statement.
Gavin Smith, head of the Allens telecommunications, media and technology practice, said the acquisition demonstrates the value long-term investors see in telecommunications fiber networks, as consumers increasingly rely on high-speed broadband services.
The team at Clayton Utz, an Australian corporate firm, was led by Rory Moriarty, national leader of the corporate, M&A and capital markets practice.
The deal is the latest in a series of telco infrastructure deals in Australia over the past 12 months, including the $2.5 billion sale of mobile phone tower owner Axicom.
In October of last year, Allens advised AustralianSuper on its $1.4 billion purchase of 70% of Australia Tower Network from Singtel. Allen & Overy advised SingTel.
Allens also advised a consortium of local pension funds on the acquisition of a 49%, $2.1 billion stake in telecommunications company Telstra’s network tower business.
Along with Story and Smith, the Allens team on the deal includes M&A partner Emin Altiparmak; technology partner Elyse Adams; real estate partner Victoria Holthouse; banking and finance partner Tim Stewart; and competition, consumer and regulatory partners Wendy Rae and Rosannah Healy.