Overview
Freehills has a wealth of experience advising governments on most of Australia's significant privatisations during recent times.
Some of these landmark sales include Sydney Airport, Telstra (T1, T2 and T3), Commonwealth Bank of Australia, the restructure and privatisation of the Victorian electricity and gas industries and plantations, and assisting the governments of Korea, Singapore and Thailand with their respective electricity and water restructures or privatisations (see our Experience page for more details).
We also regularly act for bidders in both trade sales and greenfield developments, and have been involved in most of the major rail, airport and gas privatisation trade sales in recent years.
By understanding the complex nature of privatisations, and the risks and accountabilities involved for all parties, our clients are well positioned to evaluate privatisation and corporatisation under the existing legal regime and benefit from reform.
Recent developments
In 2006, Freehills advised the Australian Government on the landmark sale of its remaining stake in Telstra Corporation Ltd (T3).
The T3 offering ($15.5 billion) was Australia's second largest-ever equity raising (and the largest offer since T2 in 1999). It was one of the highest profile equity raisings in Australian history and was awarded:
- INSTO's Distinction Award for Equity Deal of the Year and Issuer of the Year 2006, and
- FinanceAsia's Best Secondary Offering 2006.
In early 2007, Freehills was appointed legal adviser to the Australian Government on the sale of ASC Pty Ltd (formerly known as the Australian Submarine Corporation). The government's intention is that the company be sold through a competitive tender trade sale. Freehills also acted on the scoping study into the sale of ASC Pty Ltd in 2005–06.
Freehills was awarded Privatisation Law Firm of the Year at the 2005 Australian Law Awards.