The Canadian corporate spending spree in Australia continues with the announcement that Brookfield Infrastructure will buy the remaining 60% of Australian Prime Infrastructure, and Canada Pension Plan Investment Board (CPPIB) is proposing to acquire the Intoll Group valued at A$3.4bn.

Mallesons Stephen Jaques and Freehills are acting for Brookfield Infrastructure and Australian Prime Infrastructure respectively, on their A$1.6bn merger. Bermuda-based Brookfield Infrastructure is managed by Canadian asset management group Brookfield Asset Management.  Under the terms of the deal, Brookfield will acquire the remaining 60% of Prime by offering shareholders 0.24 units of Brookfield for each Prime security. The merger, expected to be approved by the end of the year, will form a global infrastructure company with a market cap of more than A$2.8bn.

The Prime board of directors has approved the bid; however the deal still requires approval by regulators in Australia, New Zealand, Europe and the United States. The Freehills team is led by corporate partners Philippa Stone and Tim McEwen. The Mallesons team is being led by partners David Eliakim and Barry McWilliams. Mallesons is also working on behalf of Intoll Group, while Allens Arthur Robinson is acting for CPPIB.

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