Our Competition & Market Regulation group assesses the likely competitive effects and competition law risks of proposed acquisitions. We then work with the Australian Competition and Consumer Commission (ACCC) to fast track mergers and joint venture proposals for our clients. This includes applications for clearance of mergers from the ACCC and, where appropriate, seeking authorisation on public benefit grounds.

Our team provides advice in each of these areas, taking a holistic approach to assessing the likely regulatory response to strategic behaviour. We work closely with our Mergers & Acquisitions team and relevant regulators to obtain optimal results for our clients.

We have significant experience and expertise in the following areas:

• mergers
• acquisitions
• joint ventures
• strategic restructuring
• changes in pricing and systems of distribution
• strategic alliances.

Recent experience includes:

• Acquisition of Alinta: We advised Singapore Power International and certain Babcock & Brown listed funds in their joint acquisition of all the shares in leading national energy infrastructure asset owner and manager, Alinta.  The scheme involved the allocation of the assets and businesses of Alinta between the consortium parties. The transaction required ACCC clearance (including the negotiation of complex divestiture, ring-fencing and other behavioural undertakings) as well as Victorian Essential Services Commission approval.
• BUPA Australia / MBF: Freehills advised BUPA on its successful application for informal clearance from the ACCC for the merger of the second and third largest Australian private health insurers. This was the first significant merger in the health insurance industry considered by the ACCC, in a period of dynamic industry change.
• Commonwealth Bank / IWL: Freehills acted for Commonwealth Bank of Australia (CBA) in its acquisition of IWL Limited, IWL is a major provider of non-advisory (primarily online) stockbroking services to retail customers in Australia through a number of subsidiary firms. Freehills assisted CBA to obtain informal merger clearance from the ACCC for the deal, which involved detailed analysis and explanation of entry possibilities and vertical integration issues within the broking market generally, and in the online segment of that market.
• Orica / Dyno Nobel worldwide merger: Freehills advised Orica on its acquisition of the assets of Dyno Nobel, a combination of the world’s two largest explosives manufacturers, in more than 30 countries across the world. The deal involved the acquisition by Macquarie of Dyno Nobel, followed by the on-sale to Orica of certain Dyno Nobel businesses. In a rare example of a global deal being managed from Australia, we coordinated antitrust advice and merger filings in Europe, the United States, Africa, South America, and Australia.
• Promina/Suncorp: Freehills acted for Promina, in relation to the ACCC’s examination of its acquisition by Suncorp. This merger created a major diversified financial services provider in Australia with leading positions in many lines of insurance business.
• ASX/SFE: Freehills acted for the Australian Stock Exchange (ASX) in respect of its acquisition of Sydney Futures Exchange (SFE) to create the Australian Securities Exchange.
• Fairfax / Rural Press: Freehills advised Fairfax Media (the newspaper publisher) on its merger with Rural Press (the regional newspaper publisher), including obtaining ACCC clearance and negotiating divestiture undertakings.
• ABC Learning Centres: Freehills advised ABC Learning Centres, Australia’s largest childcare provider, on all of its major acquisitions, including obtaining ACCC clearance and negotiating divestiture undertakings.
  

With the pace of business activity and market change, clients often need expedited advice and commercially-oriented solutions in relation to mergers, acquisitions, joint ventures, and other strategic restructuring activities.

With its strong and well-established relationship with the ACCC, as well as knowledge of other market regulatory conditions, Freehills assists its clients in meeting the turnaround requirements to ensure your business needs are met for a timely and commercially-viable outcome.

Awards

Freehills' ability to consistently deliver outstanding outcomes for our clients is demonstrated through receipt of the following awards:

• Australasian Legal Business Awards, Deal of the Year: Wesfarmers – Coles Acquisition, 2008
• Australasian Legal Business Awards, M&A Deal of the Year: Wesfarmers – Coles Acquisition, 2008
• Australasian Legal Business Awards, Energy & Resources Deal of the Year: Alinta Acquisition, 2008
• INSTO Awards, M&A Deal of the Year: Suncorp/Promina, 2007
• Chambers Global Awards, Australian Law Firm of the Year, 2007
• Australian Law Awards, M&A Law Firm of the Year, 2006
• CFO Magazine, Corporate Law Firm of the Year Award, 2006
• INSTO Awards, Law Firm of the Year Award, 2004

League tables

Freehills tops Thomson Financial and Bloomberg M&A legal adviser league tables for the fourth consecutive year.

Freehills continues to dominate its competitors in the legal market for mergers and acquisitions (M&A), as evidenced by performance in Thomson Financial’s and Bloomberg's Australian and New Zealand M&A League Tables during the 2007 calendar year.

Freehills experienced a brilliant year in a strong legal market for Mergers & Acquisitions, with a clean sweep of the 2007 Bloomberg M&A League Tables. Freehills ranked number one in all categories of the Australia/New Zealand and Asia-Pacific ex Japan Bloomberg Tables, released 2 January 2008.

Released in early 2008, the Thomson results show that during 2007 Freehills has acted on a greater number of Australian and New Zealand completed M&A transactions for a higher aggregate deal value than any other law firm.

Since the inception of the Thomson tables in 1997, Freehills has acted on more Australian M&A deals than any other law firm. In 2007: 

• Freehills acted on more announced and completed M&A deals than any other Australian and New Zealand law firm, and  
• Freehills acted on the highest value of completed M&A deals, more than any other Australian and New Zealand law firm.

Legal guides

• Freehills' M&A team was also given the highest possible ranking in the latest editions of Chambers Global, Best Lawyers International (Australian edition), Asia-Pacific Legal 500 and PLC Which Lawyer?.
• In its inaugural edition, Best Lawyers International, 2008 has ranked Freehills’ M&A team number one in Australia, with the most number of lawyers mentioned.

Testimonials

• According to Chambers Global: The World's Leading Lawyers, 2008, ‘... clients rave about [Freehills] lawyers: “They exhibit a genuine interest and nuanced understanding of our business, and are great allies in the realisation of our objectives.” The team is also said to “collaborate effectively and consistently provide outstanding legal advice” on a range of top-end private equity and M&A deals, with a particular forte in energy-related transactions. Powerful national companies frequently turn to the firm for its “extraordinary depth of intellect and experience.”’
• According to Australasian Legal Business 2007, 'Freehills dominates the legal services market in the Asia Pacific region when it comes to M&A.'