We have advised 5GN on the proposed sale of its remaining operations

Australia Press release - Firm July 2024

Global law firm Norton Rose Fulbright is advising 5G Networks Limited (ASX:5GN) (5GN) on the proposed sale of its operating businesses to entities associated with 5GN’s managing director. The transaction follows 5GN’s successful sale of its remaining interest in the Webcentral business earlier this year.

5GN is an Australian-owned digital services company and leading provider of cloud-enabling solutions.

The transaction involves the sale of 5GN’s main undertaking for the purposes of the ASX Listing Rules and, as such, shareholder approval is required. Additional shareholder approvals are required under the Corporations Act 2001 (Cth) and ASX Listing Rules as the purchasers are related parties of 5GN.

Completion of the transaction remains subject to customary closing conditions and the sale is expected to complete later in the year.

The transaction is part of the strategic winding down of the operations of 5GN which involves not only the sale of its remaining operations but also the distribution of surplus cash to shareholders and a subsequent delisting, followed in 2025 with the voluntary liquidation of 5GN. Resolutions to approve the return of capital and the delisting will be proposed at the same meeting of 5GN shareholders to approve the transaction.

The Norton Rose Fulbright team is advising 5GN on all aspects of the transaction, including drafting of key transaction documents, advising on the shareholder approval process, and liaising with the ASX in relation to various waivers and approvals required in relation to the sale, return of capital and delisting.

Norton Rose Fulbright senior consultant Robert Sultan commented:

“We are pleased to be assisting 5GN on all aspects of this transaction, being the fourth transaction in a series of business defining transactions with 5GN in which we have acted, that will allow 5GN to return capital to its shareholders and eventually exit the ASX. We look forward to working through the shareholder and regulatory approval process over the coming months.”

Melbourne-based corporate M&A senior consultant Robert Sultan and M&A partner Jeremy Wickens lead the team supported by key team members including corporate M&A associates Jack Abrehart, Andrew Harris and Bita Mozafari.

Norton Rose Fulbright has a strong continuing relationship with 5GN having previously advised:

 

For further information please contact:

Alex Boxsell, Head of Digital, Communications & Experience, Norton Rose Fulbright in Australia

Tel: +61 (0)2 9330 8165  Cell: +61 (0)414 985 556

Contacts

Senior Consultant
Partner