Ashurst advises PAG on acquisition of KKR's controlling interest in AVC

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    Global law firm Ashurst has advised PAG Asia Capital Limited (PAG), a Hong Kong-based alternative investment firm focused on the Asia Pacific region, on its acquisition of KKR's controlling interest in Australian Venue Co. Holdings Limited (AVC).

    The AVC group is an established food and beverage hospitality business that owns and operates a portfolio of more than 210 unique pubs, bars and event venues in metro, suburban and regional locations across Australia and New Zealand, including Bungalow 8 and Cargo Bar in Sydney, and The Esplanade in St Kilda.

    The transaction is expected to close in late 2023, subject to customary conditions, including regulatory approvals.

    Partner Anton Harris said:
    "We are delighted to have assisted PAG in its largest investment to date in the Australian region and we look forward to continuing to work with PAG for the closing phase. Congratulations to PAG and all the parties involved in this outcome."

    The Ashurst team was led by partner Anton Harris, who was assisted by partners Phil Breden, Jo En Low and Rehana Box, senior associates John Nielsen, Sharon Liu and Alexandra Nash, and associates Raymond Shi, Hassan Naveed, Georgia Sparta, Edwina Wang and Sarah Park (Corporate Transactions); partners John Stawyskyj and Kitty Vo, consultant Andrew Deane, Counsel Victoria Lee, and senior associates Kate Ferguson, Joy Yi, Emmy Ko, Gabriel Stewart-Murray, Dani French, Mary Tran and Renata Labio (Real Estate); associate Felicia Chan (Projects & Energy Transition); partner Hong-Viet Nguyen, senior associate Geena Davies, and associate Nandini Kaushik (Finance Regulatory); partner Rebecca Cope and associates Kendrick Deng, Eshaan Kapur and Dominic Christie (Digital Economy Transactions); partner Emma de Carle, senior associate David Chong, and associate Casper Lu (Global Loans); partner Jennie Mansfield, senior associate Mohamad Ardati, and associate Saskia Sale (Employment); partner Anita Cade and associate Melissa Ho (IP/Media); partner Rebecca Dixon, senior associate Montana Linkio, and associate David Le (Planning, Access and Environment); and partner Alyssa Phillips and associate Alicia Gormly (Competition).