Allens has advised SpeedCast International Limited on its $295 million renounceable entitlement offer launched on 2 November 2016.
The proceeds from the entitlement offer will be used by SpeedCast to partially fund the acquisition of Harris CapRock from Harris Corporation for US$425 million. Allens also advised SpeedCast on the Australian aspects of the acquisition.
SpeedCast is a leading global satellite communications and network service provider, which listed on ASX in 2014.
Harris CapRock is a leading provider of communications networks for remote and harsh environments, and primarily serves customers in maritime and energy markets.
SpeedCast's Chief Executive Officer, Pierre-Jean Beylier, commented: 'The acquisition of Harris CapRock is a transformational opportunity for SpeedCast.
'SpeedCast will become one of the largest purchasers of satellite capacity globally and create a diversified industry leader with a strong global network.'
The Allens team was led by SpeedCast relationship partner, Richard Kriedemann, and also included Partner and Co-Head of Allens' Equity Capital Markets team Robert Pick, Senior Associate Addison Ma, and Lawyer Melanie Hayden.
Commenting on the deal, Richard said: 'We are pleased to again work with the SpeedCast team on this transformational deal, following on from our recent work with the company in connection with their WINS acquisition in August.'
'The SpeedCast entitlement offer is another example of the strong support from equity market investors for M&A deals by ASX-listed companies,' Robert said.
'We continue to see a strong pipeline of deals for our Equity Capital Markets practice for the next six to nine months.'
The SpeedCast transaction continues the list of high-profile transactions for Allens' Equity Capital Markets team in recent months, including acting for the Joint Lead Managers of the $826.7 million IPO of the Charter Hall Long WALE REIT and the Lead Manager of the HK$4 billion ($670 million ) rights issue by MMG Limited.
Allens legal team
Richard Kriedemann (Partner – Corporate, Sydney), Robert Pick (Partner – Corporate, Melbourne), Addison Ma (Senior Associate – Corporate, Sydney), Melanie Hayden (Lawyer – Corporate, Sydney)
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.