Corrs advises Challenger on strategic review

26 June 2012

Corrs Chambers Westgarth has advised Challenger Listed Investments Limited (CLIL) on the strategic review of the Challenger Infrastructure Fund (ASX: CIF).

During the past 12 months, CIF’s responsible entity, CLIL, has been conducting a strategic review of CIF and its assets.  The strategic review has culminated in CIF announcing today that it has entered into a binding sale and purchase agreement for the sale of its interests in Inexus Group Limited (Inexus) to Brookfield Infrastructure Group (Brookfield).  CLIL has also announced yesterday that, subject to unit holder approval, it intends to wind-up the CIF trust.

The purchase price for Inexus comprises two components including a payment of £10 million payable on completion of the sale, which is subject to CIF unit holder approval.  Additionally, CIF is entitled to a deferred payment of £25.6 million contingent on Inexus successfully refinancing its debt facilities and, where Brookfield is the purchaser, it having received antitrust regulatory approvals in the United Kingdom and Jersey (Contingent Payment).

The Corrs team advising CLIL was supported by tax partner Craig Milner and senior associates Felicity Daley, James Delesclefs and Simon Mifsud. CLIL was advised on financial matters by Colin Richardson and Tom Butcher at Rothschild. 

CIF announced earlier this month that it had entered into a binding sale and purchase agreement for the sale of its 66.2% interest in LBC, which has an enterprise value of more than A$1 billion to a consortium comprising Dutch pension fund asset managers and Australian superannuation investors.


For further information, please email Glenn Taylor or contact by phone on +61 2 9210 6593.