News

19/04/18

G+T advises AMA Group on demerger and acquisition transactions

Gilbert + Tobin is pleased to be advising the ASX-listed AMA Group Limited (AMA Group) on two transactions:

  • the proposed demerger of its Automotive Component, Accessory and Procurement Business; and
  • the proposed acquisition of the post-demerger AMA Group and its remaining vehicle panel repairs business by The Blackstone Group, for an enterprise value of A$508 million.

Under the first transaction, AMA Group will demerge its Automotive Component, Accessory and Procurement Business into a new company to be listed on the ASX. AMA Group shareholders at the time of the demerger will receive one share in the new company for each share they own in AMA Group. The demerger will be effected by way of Scheme of Arrangement and is subject to approval by AMA Group shareholders.

In a separate transaction, The Blackstone Group has agreed to acquire the post-demerged AMA Group (including its Vehicle Panel Repairs Business), for an enterprise value of A$508 million. This transaction is also to be effected by way of Scheme of Arrangement and is subject to approval by AMA Group shareholders.

These transactions are significant as they represent a milestone for AMA Group, marking the rapid rise of AMA Group over the past eight years into the leading vehicle panel repairs business in Australia and the interaction of two independent transactions (both effected by way of scheme of arrangement).

Gilbert + Tobin partner Costas Condoleon said Gilbert + Tobin is pleased to be advising on these important strategic transactions:

“It has been terrific for our team to be involved in these two separate transactions that will reshape the businesses of the AMA Group in a strategically fundamental way. The proposed demerger will allow the $200 million automotive accessories business to pursue its global ambitions in a rapidly consolidating industry unconstrained by the demands of the panel repairs business from which it will demerge. And Blackstone’s $508 million take private proposal for the post demerger business will give AMA Group shareholders an opportunity to realise value for their investment with an opportunity for ongoing exposure to the business under Blackstone control.”

Gilbert + Tobin’s market-leading M&A team has advised on many of Australia’s largest and most innovative recent M&A transactions, including advising Harbour Energy on its proposed US$13.5 billion acquisition of Santos, CHAMP Private Equity on the $1 billion sale of Accolade Wines, The Stars Group on its acquisition of CrownBet and subsequent acquisition of William Hill, Beach Energy on the $1.6 billion acquisition of Lattice Energy and Cleanaway Waste Management on its acquisition of Tox Free Solutions.

 

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