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Not so Fast, Uber

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Not so Fast, Uber

(says Singapore Competition Regulator)

Our prior Head of Disputes, Trevor Withane, has co-authored an article in the Australian Journal of Competition and Consumer Law concerning Uber’s sale of its South-east Asian business to Grab Inc. 

Uber undertook the transaction without seeking merger clearance.  Result?  The Competition and Consumer Commission of Singapore found it would be too difficult to unwind, but imposed a financial penalty of more than SGD13m on Uber. 

The article was co-authored by Trevor with Alan Ngo and edited by Andrew Christopher (both of Webb Henderson) and highlights some similarities and differences between the Australian and Singaporean merger control regimes.

A link to the final manuscript version of the article is available here.

The article can also be viewed on WestLaw.

This article was first published by Thomson Reuters in the Australian Journal of Competition & Consumer Law and should be cited as Withane, Ngo, Grab/Uber: Singaporean Competition Regulator Intervenes in Unnotified Merger, 2018, 26 AJCCL 309.

For all subscription inquiries please phone, from Australia: 1300 304 195, from Overseas: +61 2 8587 7980 or online at legal.thomsonreuters.com.au/search.

This publication is copyright. Other than for the purposes of and subject to the conditions prescribed under the Copyright Act 1968 (Cth), no part of it may in any form or by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) be reproduced, stored in a retrieval system or transmitted without prior written permission. Enquiries should be addressed to Thomson Reuters (Professional) Australia Limited.

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Congratulations to NEOS Life

Congratulations to our life insurance product services client Australian Life Development Pty Limited, trading as Neos Life, on their corporate transaction entered into with Centrepoint Alliance Limited (ASX: CAL).  This transaction was announced on the ASX platform this morning.  We wish both groups every success going forward.  For a summary of the transaction involving a restructure of Convertible Notes, Options, vendor finance etc, please click here.  Thanks also to Albert Cheung from our firm for assisting on this.

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W Advisers obtains freezing orders for Canadian fund client

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W Advisers has been assisting a longstanding Canadian Fund client in bringing contractual claims and misleading and deceptive conduct claims following alleged defaults relating to monies advanced by the Fund for an Australian project.  

The client became concerned regarding potential misuse of the funds advanced and requested that W Advisers undertake a legal investigation into that issue.

Following the investigation, W Advisers were instructed to seek freezing orders.  A freezing order is an interlocutory (interim) order which restrains a defendant or potential defendant from disposing of or dissipating assets.  In certain circumstances such orders can be sought even before the persons to whom the orders apply obtain notice of them (that is, on a temporary “ex parte” basis).

W Advisers acted for the Fund in obtaining ex parte freezing orders against not only the Defendant but also a further potential defendant. 

The freezing orders sought and obtained against those persons included an order that they disclose their assets to the Fund. 

This puts the Fund in a significantly improved position in the litigation because, even before obtaining and then enforcing judgment, it will (i) have quasi-security while the orders remain in force, (ii) be able to ascertain the value of assets against which it can enforce any judgment, and (iii) assist the Fund to expedite enforcement of any judgment in due course.

The W Advisers team included Mark Wilson and litigation specialist Trevor Withane, who were assisted by Cheryl Fender, Albert Cheung, Sara Heckhoff and Janina Cajska.

For further details please contact any of our team members.  

Mark Wilson

Managing Partner

Tel:  + 61 410 400 150

Email: mark.wilson@wadvisers.com

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KAPSTREAM - SALE of 51% TO JANUS

We congratulate Kumar Palghat and his team for closing their global M&A deal this week with NYSE listed Janus Capital Group.   

Janus, a global investment business with over US$189 billion in assets under management, acquired a 51% interest in Kapstream.  

The transaction involved upfront consideration of at least A$110 million, and also allows Janus to acquire the remaining 49% stake in the future.   

Janus' fixed income business is led by Bill Gross, the founder of PIMCO, which grew to have over US$2 trillion under management before Bill Gross left to join Janus in September 2014. 

The deal also involved negotiations with Challenger Group (ASX: CGF) for its boutique investment arm (Fidante) to exit their investment in Kapstream, and negotiating fresh long term distribution, RE and administrative services agreements with Fidante.  

W Advisers represented Kapstream's management vendors on the transaction.  

 

 

 

 

  

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EVERLIGHT EGM

We congratulate Everlight Radiology Limited on its overwhelming shareholder support for the important initiatives resolved at its EGM on Friday, June 26 2015 - including its first share capital buyback initiatives since its corporate formation in 2006.   

W Advisers acted for Everlight in relation to the EGM and is acting in relation to the buyback programmes. 

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SALE OF CONTROLLING STAKE IN NETO TO TELSTRA

We congratulate Neto for securing an investment by Telstra into their business.  

Neto is Australia's leading e-commerce platform provider.  It is only 4 years young. 

Telstra's investment (completed June 2015) reinforces its position as the leading technology investor in the Australian marketplace today.  

W Advisers acted for the Neto's founders and vendors of shares into the Telstra deal.

For copy of Telstra's announcement, click here >> here<<