The sale to a consortium which includes Hastings Funds Management and Ontario Teachers’ Pension Plan Board was unveiled by Deal Journal Australia recently.Mike Bair, New South Wales Treasurer said that, the funds will be invested in the infrastructure fund of New South Wales government, Restart NSW, as well as used for priority projects like schools, hospitals and roads.
Mr Baird said that, this frees up much-required funds for the serious infrastructure that their state so badly needs as well as with no impact on consumer water security or water bills. He added that, we are delighted with this effect, following a extremely competitive bidding procedure which attracted extraordinary interest from a wide range of global and national players.
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Mr. Baird said that, he had confidence in Hastings and OTPPB as long-standing partners, which given their strong background with infrastructure investment. The 2 manage or own water possessions across 4 continents as well as service a mutual 3.9 million water consumers. Sydney Water has come into action for 50-year water supply contract with Sydney Desalination Plant, along with prices to be synchronized by the Regulatory Tribunal and Independent Pricing, or IPART.
King and Wood Mallesons, Goldman Sachs and KPMG operated as independent counselors to the New South Wales state government and the Sydney Water, whereas Morgan Stanley and RBC Capital Markets advised Hastings and OTPPB.
G+T and Baker McKenzie acted as lawful advisers to Hastings and OTPPB respectively. The next New South Wales asset privatization will be the long-standing lease of the Port Botany that is predicted to fetch over $2 billion. Particular consortium, involving Canada Pension Plan Investment Board, or QIC and CPPIB, has chosen Macquarie to advice on the Morgan Stanley-led sales procedure.
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