Clayton Utz team achieves rapid turnaround on billion dollar transaction for TPI

Sydney, 9 July 2007: In a process which took under two weeks to complete, lawyers from Clayton Utz’ Corporate and Finance groups have advised Transpacific Industries Group (TPI) on its A$1.2 billion acquisition of the Cleanaway business and the A$3.1 billion refinancing of its existing facilities – demonstrating the rapid speed at which lawyers working in today’s acquisition finance market have to work.

Transpacific provides waste management solutions, industrial cleaning services, and has a heavy duty vehicle and growing energy business.

Its acquisition of Cleanaway from private equity group Kohlberg Kravis Roberts will see the company significantly expand its existing waste and landfill operations.

From Brisbane, Clayton Utz partner Andrew Hay and senior associate Jeremy Horwood advised Transpacific on the corporate aspects of the acquisition while in Melbourne, partner Dan Fitts, senior associate Marcus Davenport and solicitors Elliot Raleigh and Alice Rubira worked with NAB, CBA and ANZ to advise on TPI’s refinancing.

Mr Hay said that although the transaction involved parties in Luxembourg and Brussels and a number of legal teams operating from Brisbane, Sydney and Melbourne, the financing was documented and closed within a very short time frame.

"With co-operation between lawyers for the financiers and the borrower, we were able to document and close a A$3 billion acquisition and refinancing within two weeks of initial instructions," he said.