The Australian state of New South Wales has appointed the investment bank as its financial advisor for the long-term lease of Port Botany which has an expected price tag of more than 2 billion Australian dollars (US$2 billion). Funds will be allocated to infrastructure projects across the state, deemed critical.
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December 14, 2011, 8:31 AM
Morgan Stanley Wins Port Botany Mandate
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By Gillian Tan
Morgan Stanley is currently sixth on Dealogic’s 2011 M&A league table but it will start 2012 on the front foot after defeating tested rivals in a competitive tender process.
Reuters
The Australian state of New South Wales has appointed the investment bank as its financial advisor for the long-term lease of Port Botany which has an expected price tag of more than 2 billion Australian dollars (US$2 billion). Funds will be allocated to infrastructure projects across the state, deemed critical.
“The long-term lease of Port Botany to the private sector also presents a huge opportunity to lift the overall productivity of our State,” NSW Treasurer Mike Baird said in a statement. “The combination of critical infrastructure upgrades and improved efficiencies under private management will enhance economic productivity. This will be particularly important to long-term trade growth and the future of our State’s economy, which is why the next scoping phase will be vital,” he added.
Mr. Baird said Morgan Stanley’s first task would be to undertake a scoping study and transaction strategy for Port Botany, which will examine market conditions and stakeholder needs.
The study will be provided to the Government for consideration during the first half of 2012, with a view to completing the transaction by the middle of 2013.
Mr. Baird has also called for Expressions of Interest from advisory firms wishing to provide independent advice on future transactions, asserting the Government would not be favoring particular firms.
“Looking beyond one-off transactions, these established groups of independent experts will work with Treasury to grow and support the long-term financial future of New South Wales,” Mr. Baird added.
Proposals are due on the morning of 24 Jan. 2012.