Brambles’ $2.51 billion sale of its IFCO reusable plastic containers business

Allens has advised Brambles (ASX: BXB) on the sale of its IFCO reusable plastic containers business for an enterprise value of US$2.51 billion (AUD$3.52 billion).

The sale to a consortium of Triton and the Abu Dhabi Investment Authority follows a dual track separation process which consisted of running a competitive trade sale, while in parallel, preparing the IFCO business for a demerger by way of scheme of arrangement with subsequent listing on the LSE and ASX.

The sale will result in up to US$1.95 billion of the proceeds being returned to Brambles’ shareholders. This will be made up of a pro-rata return of cash of approx. US$300 million and on-market share buyback of up to US$1.65 billion.

Allens advised Brambles with a team including Vijay Cugati (Picture), Kate Towey, Dannie Hanna, Addison Ma, Lauren Chamberlain, Lisa Gao, Elise Blume, Georgie Leahy (M&A), Jo Folan (Finance), Carolyn Oddie, Felicity McMahon (Antitrust).

Involved fees earner: Vijay Cugati – Allens; Jo Folan – Allens; Dannie Hanna – Allens; Addison Ma – Allens; Felicity McMahon – Allens; Carolyn Oddie – Allens; Kate Towey – Allens;

Law Firms: Allens;

Clients: Brambles Ltd;

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Author: Michael Patrini