David Clee specialises in cross-border and domestic mergers and acquisitions, with a particular focus on private capital transactions.
David advises international and domestic private equity and alternative investment firms, sovereign investors and corporations on a wide range of corporate transactions, including public and private M&A, corporate restructuring and equity capital markets. His broad practice extends to all aspects of corporate law, and he has advised on transactions concerning most industry sectors, including real estate, financial services, healthcare and industrials.
David is recognised for his subject matter expertise, commerciality and attention to detail, and is ranked by Chambers, IFLR1000 and Best Lawyers.
Takeover bids and schemes of arrangement
• Pacific Smiles (2024/25): advising Genesis Capital on its unsolicited takeover bid to acquire control of Pacific Smiles Group Limited (ASX:PSQ), and related landmark Takeovers Panel proceedings.
• QANTM (2024): advising the principal shareholders of QANTM Intellectual Property (ASX:QIP) on rollover equity arrangements in connection with Adamantem’s acquisition of QANTM by scheme of arrangement.
• Damstra (2024): advising the founder of Damstra Holdings (ASX:DTC) on call option arrangements in connection with Damstra’s acquisition by scheme of arrangement.
• APM (2023/24): advising CVC Asia Pacific on its indicative proposal to acquire APM Human Resources International (ASX:APM) by scheme of arrangement.
• DDH1 (2023): advising Oaktree, in its capacity as the largest shareholder of DDH1 (ASX:DDH), in relation to Perenti's acquisition of DDH1 by scheme of arrangement, including call option arrangements between Oaktree and Perenti.
• Origin Energy (2022/23): advising a prominent Asian Sovereign Wealth Fund on its involvement in the consortium that made an offer to acquire Origin Energy Limited (ASX: ORG) by way of scheme of arrangement for $20 billion.
• Readytech (2022): advising Pemba Capital Partners on a proposed joint bid (with PEP) to acquire ReadyTech (ASX: RDY) by way of scheme of arrangement.
• CIMIC (2021/22): advising HOCHTIEF AG on its successful takeover offer to acquire ASX-listed CIMIC Group Limited, which valued CIMIC at $6.8 billion.
• Link Market Services (2021/22): advising Goldman Sachs in relation to Dye and Durham’s proposal to acquire ASX-listed Link Market Services by scheme of arrangement.
Cross-border and domestic private M&A transactions
• Omni Bridgeway (2024): advising Ares in relation to a complex transaction concerning ASX-listed Omni Bridgeway (ASX:OBL) which involved the establishment of a continuation fund of legal assets of which Ares acquired a 70% interest for an upfront cash payment of approximately $310 million.
• AZ NGA (2024): advising Oaktree in relation to its $240 million investment in, and strategic growth partnership with, leading Australian accounting and financial advisory firm AZ Next Generation Advisory.
• Global Switch (2024): advising data centre provider Global Switch Holdings in relation to its involvement in the $2.12 billion sale of Global Switch Australia by Global Switch Group to HMC Capital Limited.
• Edge Zero (2024): advising Adamantem Capital in relation to its debt and equity investments in power distribution technology firm Edge Zero.
• OTR Group (2023/24): advising Viva Energy in relation to its acquisition of fuel and convenience store chain operator OTR Group from Peregrine Corporation for $1.15 billion.
• Coles Express (2022/23): advising Viva Energy on its acquisition of the Coles Express convenience retailing business covering more than 700 stores nationwide.
Real estate transactions
• GIC (2024 - 2021): advising GIC in relation to a broad range of Australian real estate transactions spanning office, commercial and industrial assets, including the formation of Metro Fund with Region Group and the acquisition of a 25.1% interest in Lendlease International Towers Sydney Trust from Canada Pension Plan Investment Board and Lendlease.
• Asian Institutional investor (2022 – 2021): advising an Asian institutional investor in relation to the acquisition of interests in certain prominent real estate assets in the Sydney CBD, which assets have a combined value of approximately A$4 billion.
• The Oasis Centre (2021): advising an affiliate of KKR in relation to the sale of a 60% interest in The Oasis Centre, Broadbeach QLD for total consideration of $103.5 million.*
PIPEs and complex corporate restructurings
• Panthera (2024): advising PWC as administrators on the sale of PF Management Group Pty Ltd and its subsidiaries (collectively, Panthera) to Australian credit and legal agency Francom Group.
• GenesisCare (2023): advising Aviron Investment Management in relation to its acquisition of the radiation oncology, clinical decision support system, Horizon, from GenesisCare and the formation of Lumonus to commercialise that system.
• Boart Longyear (2021): advising an ad hoc group of creditors in relation to a debt for equity swap transaction concerning ASX-listed Boart Longyear Limited under which those creditors were issued equity securities representing a majority of the issued share capital of Boart Longyear Limited and pursuant to which the company was redomiciled to North America, in each case via scheme of arrangement.
• Blue Sky (2019/2020): advising an affiliate of Oaktree in relation to its shareholder approved convertible debt investment in ASX-listed Blue Sky Alternative Investments Limited and subsequent restructuring and receivership processes.*
• Slater + Gordon (2017): advising Anchorage Capital Group and certain other secured creditors in relation to a creditors’ scheme of arrangement pursuant to which those creditors exchanged a portion of their secured claims for control of Slater + Gordon Limited.*
• Bis (various times): advising Bis Industries in relation to a series of complex deleveraging transactions implemented by way of creditors’ schemes of arrangement and subsequent bolt-on acquisitions.*
Equity capital markets
• Viva Energy (2023): advising Vitol Investment Partnership in relation to an approximately $700 million block trade in ASX-listed Viva Energy.
• Xpansiv (2022/23): advising Xpansiv Limited on its proposed initial public offering and listing on the ASX and related pre-IPO capital raisings.
• DDH1 (2021): advising DDH1 Limited, an investee company of an affiliate of Oaktree, in relation to its successful initial public offering and listing on the ASX.*
• Viva Energy (2018): advising Viva Energy Group Limited on its successful $2.65 billion initial public offering and listing on the ASX.*
• Viva Energy REIT (2016): advising Viva Energy Australia and Viva Energy REIT in relation to the establishment and ASX-listing of Viva Energy REIT, a multi-billion dollar stapled real estate investment trust structure now known as Waypoint REIT.*
News and client work
Contact details
- Clifford Chance, Sydney
- +61 2 8922 8575
- Email me
- Speaks English (native)
- Practice area M&A corporate, Restructuring
- Sector Private equity
Career and qualifications
- Education:
Awards and citations
- Ranked Band 5 in Chambers and Partners for Corporate M&A and PE 2024
- Ranked Highly Regarded in IFLR for Corporate M&A 2024
- David is listed in the areas of Mergers and Acquisitions Law and Distressed Investing & Debt Trading.
Best Lawyers Australia 2022 - Finalist, Australian Dealmaker of the Year
Lawyers Weekly Law Award 2019 - Finalist, Corporate Partner of the Year and Mergers and Acquisitions Partner of the Year
Lawyers Weekly Law Award 2020