Allens' work on the most significant M&A transactions of 2024 has been recognised with top rankings in the LSEG, Mergermarket and Bloomberg league tables.
Propelled by M&A activity in digital infrastructure, private capital, critical minerals and infrastructure, Allens advised on deals totalling more than US$37.9 billion in 2024.
Allens ranked:
- first for both announced and completed deals with any Australia or New Zealand involvement by LSEG (formerly Refinitiv);
- first by value in Australasia by Mergermarket; and
- first for AU & NZ announced deals (by volume) by Bloomberg.
The firm's pre-eminence in private equity was also reflected in the league tables, with Allens the only Australian-headquartered firm to rank in the top 10 of Mergermarket's global private equity buyouts (by value) and the top 20 of Bloomberg's global private equity deals (by volume).
'We are grateful to be trusted legal advisers to our many clients on their significant M&A deals, complex novel transactions and large-scale cross-border matters,' said Head of M&A and Capital Markets, Vijay Cugati.
'In 2024, we saw Australian M&A activity driven by digital infrastructure, the continued growth of private capital, investment in critical minerals, and the ongoing energy transition.
'We are expecting these trends to continue to drive deal momentum, contributing to a positive outlook for M&A activity levels in 2025.'
Highlights for Allens in 2024 included advising:
- Canada Pension Plan Investment Board (CPP Investments), as part of the Blackstone consortium, on the $24 billion acquisition of leading Asia Pacific data centre operator, AirTrunk – the largest announced and completed deal of 2024;
- Pacific Equity Partners on its proposed acquisition of ASX-listed SG Fleet Group Limited for $1.4 billion - the largest announced take-private acquisition of 2024;
- TPG Telecom on the $5.25 billion sale of its fibre network and Enterprise, Government and Wholesale fixed line business to Vocus Group Limited;
- Global Switch on the $2.12 billion sale of its Australian data centre operations to ASX-listed alternative asset manager, HMC Capital Limited;
- Livingbridge on its proposed sale of Waste Services Group, having also advised Livingbridge throughout the life cycle of its investment;
- Neoen on the proposed sale of its Victorian renewable energy portfolio to ASX-listed HMC Capital Limited for $950 million;
- Macquarie Asset Management-managed The Infrastructure Fund, State Super and Australian Retirement Trust on the sale of a 74.25% interest in Queensland Airports Limited;
- Rio Tinto on the Australian aspects of its US$6.7 billion acquisition of NYSE-listed Arcadium Lithium;
- A consortium of international institutional investors on the combination of Accolade Wines and Pernod Ricard's ANZ and Spanish wine businesses;
- Morgan Stanley Infrastructure Partners on the acquisition of a 49% stake in the Onslow Iron haul road from ASX-listed Mineral Resources for $1.3 billion;
- QIC on the joint investment of almost $1 billion by the Australian and Queensland Governments in technology company PsiQuantum;
- Aware Super on the sale of its 62.5% interest in the Sydney Light Rail Project to KKR-owned infrastructure investor John Laing; and
- New Zealand Superannuation Fund and Teachers Insurance and Annuity Association on the sale of their respective stakes in ConnectEast, the operator of the EastLink toll road network, to the Future Fund Board of Guardians.
