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Ashurst has advised Global Construction Services Limited (GCS) on its A$320 million proposed merger of equals with SRG Limited (SRG) to create SRG Global Limited (the Merger). 

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GCS and SRG have entered into a Scheme of Implementation Deed to effect the proposed Merger, pursuant to which GCS will acquire 100% of the issued capital in SRG (in exchange for the issue of new shares in GCS) by way of a members' scheme of arrangement.

Under the Merger, SRG shareholders will receive 2.479 GCS shares for each SRG share they hold. Following implementation of the Merger, existing GCS and SRG shareholders will own approximately 51% and 49% of the combined entity, respectively. 

The Merger is subject to customary conditions precedent, including approval by the requisite majorities of SRG shareholders and the Court. SRG's directors have unanimously recommended that SRG shareholders approve the Scheme, in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interest of SRG shareholders.

The Ashurst team was led by partners Antonella Pacitti and Roger Davies (Corporate) and included senior associate Rowan Krasnoff, lawyer Toby Newnes and graduate Madeleine Hay (Corporate).

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