Allens has advised Pacific Equity Partners (PEP) on its proposed acquisition of ASX-listed SG Fleet Group Limited, a leading provider of fleet management, vehicle leasing and salary packaging services, for an enterprise value of $1.4 billion by way of scheme of arrangement.
A key aspect of Allens' advice - and of the broader proposed acquisition - was the leveraged finance package, where lenders showed strong support.
The transaction is the largest announced take-private deal of 2024.
'This transaction is another example of PEP's ability to navigate the most sensitive and complex transactions in the market and adds to their strong record in public M&A,' said joint lead partner and co-head of private equity, Noah Obradovic.
'We are grateful to have ended a big year - during which we advised on more public-to-private transactions than any other law firm - working with longstanding client PEP on this landmark acquisition,'
'As public M&A activity levels continue to increase in the new year, we expect to see more PE sponsors exploring listed markets for new opportunities,' said joint lead partner Charles Ashton.
'Strong interest from creditors in this transaction shows building confidence in leveraged finance markets. We are optimistic this trajectory will continue in 2025,' said partner David Couper, who led the leveraged finance component of Allens' advice.
Allens provided comprehensive advice on every aspect of the transaction, leveraging a cross-disciplinary team of experts in M&A, leveraged finance, securitisation, automotive finance, financial regulation, and FIRB approval.
The scheme is subject to regulatory and shareholder approval.
