14 March 2008
Sydney, 14 March 2008: Clayton Utz has been appointed to advise Morgan Stanley Private Equity on its recently announced joint venture with ABC Learning Centres.
The transaction, valued at US$780 million, has to date seen ABC enter into a Memorandum of Understanding with Morgan Stanley Private Equity for the sale of a 60 percent interest in its US business.
In addition, Morgan Stanley will invest $200 million in ABC via a convertible note which will entitle it to 10 percent of the share capital in ABC.
Clayton Utz Mergers and Acquisitions (M&A) partner Karen Evans-Cullen is leading the firm's team, which includes Corporate M&A partners Jonathan Algar and Stuart Byrne and lawyers drawn from other Clayton Utz practice groups assisting on due diligence.
Ms Evans-Cullen said the next step in the transaction was the completion of due diligence and negotiation of definitive documentation over the next two weeks.
