Allens advises Keppel Infrastructure Trust on $1.1bn acquisition of Ixom

Allens has advised Keppel Infrastructure Trust (KIT) on its acquisition of leading chemicals business Ixom for an enterprise value of $1.1 billion.

The acquisition, from Blackstone managed funds and management shareholders, represents a significant addition to KIT's portfolio and a further investment by KIT in solutions for sustainable urbanisation.

Ixom manufactures and distributes water treatment chemicals and industrial and specialty chemicals, and is one of the largest bulk and packaged chemical distribution businesses in Australia and New Zealand. Its products are fundamental components in a number of industries, including water treatment, dairy, agriculture, mining, construction and nickel refining.

The multidisciplinary team of advisers from Allens spanned the firm's M&A, environment, property, employment, competition, banking and finance and insurance teams.

'We are delighted to have advised KIT on this landmark transaction. It represents a significant strategic investment for KIT in a leading industrial infrastructure business,' said Partner Jessica Choong.

'The infrastructure-like nature of Ixom's business aligns with KIT's focus on infrastructure assets located in developed jurisdictions. The acquisition is indicative of continuing interest by foreign investors in Australian assets which provide a platform for stable long-term growth.'

Allens previously advised CitySpring Infrastructure Trust (which merged with Keppel Infrastructure Trust in 2015) on its acquisition and financing of the Basslink Interconnector in 2007.

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