King & Wood Mallesons has advised Leighton Holdings on the sale of its telecommunications assets to Ontario Teachers’ Pension Plan. Under the sale arrangements, Ontario Teachers’ Pension Plan will acquire approximately 70 per cent of the assets, with Leighton Holdings retaining an interest in approximately 30 per cent.
The assets subject to the sale include: the Nextgen networks, a manager of fibre network services; Metronode, which runs data centres; and Infoplex, a provider of cloud and IT services.
Under the deal, both parties have entered into a joint venture to implement an appropriate ownership structure to maximise the growth potential of the telecommunication businesses. Leighton will continue to support the businesses through the provision of operations and maintenance services through its Visionstream entity.
This was a multifaceted transaction requiring a full-service legal team across a number of practice areas.
King & Wood Mallesons partner Yuen-Yee Cho also acted for the financiers to the deal.