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Clifford Chance advises ProTen on AU$371 million acquisition by First State Super

24 August 2018

Clifford Chance advises ProTen on AU$371 million acquisition by First State Super

Leading international law firm Clifford Chance has advised ProTen Limited on its 100% acquisition by FSS Agriculture 2 Pty Ltd (owned by the First State Superannuation Scheme) via a scheme of arrangement to be implemented under a binding Scheme Implementation Deed (SID) signed on 22 August 2018. The scheme is currently expected to be implemented by mid-November 2018. The acquisition values ProTen at approximately AU$371 million Enterprise Value.

ProTen specialises in the design, construction and operation of high-quality broiler chicken farms throughout Australia. First State Super is one of Australia's largest superannuation funds, with more than AU$90 billion in funds under management and more than 800,000 members.

The deal was led by partner Andrew Crook and counsel Reuben van Werkum, with support from partner Mark Currell and senior associate Marcus Berghouse on management incentive arrangements. Associates Jenny Han and James Kwong, and Thomas Lysaght also advised on the deal.

Andrew offers “this transaction marks a substantial step in the continual development of a business that we have been privileged to work with for many years. We have very much enjoyed helping the Board and management through this process and look forward to a successful outcome for all stakeholders in the months to come.”