Competition regulator approves the deal eight months after the companies announced their intent to merge
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A trio of top Australian firms acted in the proposed $11.3bn acquisition of Tatts Group by Tabcorp.
Gilbert + Tobin (G+T), Herbert Smith Freehills (HSF), and Clayton Utz all confirm their involvement in the deal, which got approval from the Australian Competition Tribunal this week after an initial green light from the Australian Competition and Consumer Commission (ACCC) in March.
HSF and G+T acted for Tabcorp, and Clayton Utz acted for Tatts Group.
The tribunal said it was satisfied that the merger will likely result in substantial public benefits. Initial concerns raised by the ACCC are either unlikely to arise or are not of significance, it added.
The merged company, which is expected to control about 90% of Australia’s betting market, is anticipated to save about $130m a year from synergies and generate more than $5bn in revenues.
HSF fielded a team led by disputes partner Grant Marjoribanks and competition partners Chris Jose and Patrick Gay, with senior associates Sarah Benbow and Merryn Quayle. M&A partner Rodd Levy led the team handling corporate matters.
G+T's team was led by competition and regulation partners Gina Cass-Gottlieb, Luke Woodward, and Simon Muys, who were supported by Jeremy Jose, Laura Tompkins, Genevieve Rahman, Melissa Graham, Sophie Millett, Mat Argy, and James Campisi.
Handling corporate matters for Clayton Utz was partner Andrew Walker, while partner Michael Corrigan led the team working on the competition approval process.
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Gilbert + Tobin (G+T), Herbert Smith Freehills (HSF), and Clayton Utz all confirm their involvement in the deal, which got approval from the Australian Competition Tribunal this week after an initial green light from the Australian Competition and Consumer Commission (ACCC) in March.
HSF and G+T acted for Tabcorp, and Clayton Utz acted for Tatts Group.
The tribunal said it was satisfied that the merger will likely result in substantial public benefits. Initial concerns raised by the ACCC are either unlikely to arise or are not of significance, it added.
The merged company, which is expected to control about 90% of Australia’s betting market, is anticipated to save about $130m a year from synergies and generate more than $5bn in revenues.
HSF fielded a team led by disputes partner Grant Marjoribanks and competition partners Chris Jose and Patrick Gay, with senior associates Sarah Benbow and Merryn Quayle. M&A partner Rodd Levy led the team handling corporate matters.
G+T's team was led by competition and regulation partners Gina Cass-Gottlieb, Luke Woodward, and Simon Muys, who were supported by Jeremy Jose, Laura Tompkins, Genevieve Rahman, Melissa Graham, Sophie Millett, Mat Argy, and James Campisi.
Handling corporate matters for Clayton Utz was partner Andrew Walker, while partner Michael Corrigan led the team working on the competition approval process.
Related stories:
ACCC taking longer to consider flagged transactions
Top firm sees promising year for Australian M&A
