Corrs advises lenders on Foxtel deal
Corrs Chambers Westgarth successfully advised leading banks on the A$1.8 billion financing for Foxtel's acquisition
Australia’s leading independent law firm, Corrs Chambers Westgarth, has played a pivotal role in advising a consortium of major banks on the provision of a significant A$1.8 billion in syndicated facilities to Foxtel, Australia’s foremost subscription television broadcasting service. The financing was arranged for a consortium that included prominent institutions such as Bank of America, Citibank, CBA, Goldman Sachs, HSBC, ING, NAB, Societe Generale, and Westpac, all of whom served as mandated lead arrangers, underwriters and bookrunners.
This transaction was timed strategically alongside the acquisition of the Foxtel Group by DAZN Group Limited, a leading global sports streaming platform, which purchased the company from News Corporation and Telstra Group. The legal team at Corrs, led by partners Caitlin Chiu and John Mosley, received invaluable support from other partners, including Arvind Dixit, Simon Mifsud, Steven Rice and Brad Husband, demonstrating the firm's broad expertise in multiple disciplines.
Commenting on the successful transaction, lead partner Caitlin Chiu said: “We are delighted to have advised the MLAUBs on this major corporate financing, secured as part of the DAZN acquisition, with each providing substantial cornerstone commitments as key financial backers of Foxtel.” Joint-lead partner John Mosley added: “The transaction further strengthens Corrs’ reputation as a top-tier provider of legal services to the Australian banking community, regularly advising on some of Australia’s largest corporate financing transactions.”
The involvement of Corrs in this landmark deal underscores the firm's capacity to provide comprehensive legal advice for complex corporate financing arrangements while enhancing its standing in the ever-evolving landscape of the Australian banking sector.