Allens has advised Global Switch on the $2.12 billion sale of its Australian data centre operations to ASX-listed alternative asset manager, HMC Capital Limited.
HMC has agreed to acquire 100% of Global Switch Australia Holdings (GSA) as part of its broader strategy to establish a global digital infrastructure platform.
GSA's two adjoining data centres in Ultimo represent the only large-scale data centre campus in the immediate vicinity of the Sydney CBD.
'Data centre sales have dominated the M&A landscape in recent months as part of a broader surge of capital into Australian digital infrastructure assets,' said lead partner Wendy Rae.
GSA has operated as a separate, standalone business - subject to strict ring-fencing arrangements - since December 2016, in order to comply with conditions imposed by FIRB when its current shareholders acquired a majority interest in Global Switch. These ring-fencing arrangements, and the associated split between economic and legal ownership of GSA (with Global Switch enjoying effective economic ownership, but the former owner of Global Switch retaining legal ownership, of GSA), added significant complexity to the transaction.
'We were pleased to have the opportunity to assist Global Switch and GSA in navigating these complexities and achieving such a great result,' Wendy said.
Allens is a leading adviser in Australian digital infrastructure and telecommunications M&A, having recently advised TPG on its $5.25 billion agreement to sell its fibre network infrastructure and EGW fixed line business to Vocus, and on all major Australian and New Zealand telecommunications tower transactions between 2021 and 2024.
Allens legal team
M&A and Capital Markets
Wendy Rae (lead Partner), Kylie Brown (Partner), Gadi Bloch (Special Counsel), Vincent Pang (Senior Associate), Karla Hodgson (Senior Associate), Caitlin McClusky (Associate), Eirene Vlahogiannis (Associate), Whitney Chen (Associate), Vicky Paras (Lawyer), Madeleine Andreopoulos (Lawyer)
Technology, Media & Telecommunications
William Coote (Managing Associate), David Liao (Senior Associate), Elizabeth Brown (Associate), Brianna Brown (Lawyer)
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Eugene Tan (Partner), Caitlin Blanchard (Senior Associate), Matt Robson (Lawyer)
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Danielle Jones (Partner), William McKelvie (Associate)
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Michael Ryan (Partner), Lisa Zhou (Partner), Sally Page (Senior Associate), Naomi Lee (Associate)
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Simon Dewberry (Partner), Chloe Wilton (Managing Associate), Tegan Ayling (Senior Associate), Phoebe Drake (Lawyer)
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Tracy Lu (Partner), Nick Li (Senior Associate)
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Ellen Thomas (Partner), Karen Lee (Associate)