Jurisdiction - Australia
Herbert Smith Freehills Advises The Commonwealth Of Australia On Privatisation Of Medibank Private Limited Via IPO.

8 December, 2014


Herbert Smith Freehills is pleased to have advised the Commonwealth of Australia (Commonwealth) on the privatisation of health insurer  Medibank Private Limited (Medibank) via an initial public offering and listing on the Australian Securities Exchange (ASX). The offer consisted of an institutional offer, policyholder offer, employee offer, broker firm offer and general public offer (Offer). The final price payable by institutional investors was set by the Commonwealth at AUD 2.15, which values Medibank at approximately AUD 5.9bn. Medibank shares commenced trading on ASX on 25 November 2014.


The Herbert Smith Freehills team was led by partners Philippa Stone, Brad Russell, Michael Ziegelaar, Natalie Bryce and Philip Hart.


Ms Stone said: “We are delighted to have acted again for the Commonwealth on another historic privatisation transaction. The initial public offering of Medibank was the biggest capital markets transaction of the year and ranks as the largest IPO in Australia since Telstra 1 in 1997. It was a pleasure to advise the Department of Finance and to have the opportunity to work closely with such an exceptional group of people.”


Herbert Smith Freehills worked with the Department of Finance taskforce appointed to conduct the transaction. The Medibank IPO was overseen by Jan Mason, and the taskforce was led by John Edge supported by a team of 15 including Robert Higgins, Suzanne Pitson, Andrew Staines, Mary Giacca, Hamid Heydarian, Carly Makin and Stephen Sorbello.


The Offer was lead managed by Deutsche Bank AG, Sydney Branch, Goldman Sachs Australia Pty Ltd and Macquarie Capital (Australia) Limited (Joint Lead Managers). The Joint Lead Managers were advised by Clayton Utz.


Medibank was advised by King & Wood Mallesons.


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