Ports Botany and Kembla — a case study in optimising price and risk outcomes in a competitive sale process

Much has been written about the New South Wales (NSW) government’s stunning result from its 99-year lease of Port Botany and Port Kembla earlier this year. A transaction price of AUD5.07bn (£2bn), representing 25 times EBITDA, surpassed the wildest expectations of the most bullish market commentators.

The recently expanded economic and water gateway to Australia’s largest city was always going to attract strong interest from institutions and funds looking for exposure to attractive infrastructure assets in a politically stable and secure growth market; there is no better infrastructure proxy for the NSW economy.

But how and why did the state achieve such extraordinary success? It is a story of insight and a new benchmark in preparation and delivery…

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