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A&O Shearman advises Elliott on successful AUD1.18 billion sale of investment in Thiess to CIMIC Group

A&O Shearman advises Elliott on successful AUD1.18 billion sale of investment in Thiess to CIMIC Group
Published Date
Jul 29 2026
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Image of Michael Parshall
Michael ParshallPartner, Sydney
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Jane GlancyPartner, London
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David WalterPartner, Sydney
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Kendra TurnerAssociate, Sydney
Image of Hugh Mathison
Hugh MathisonSenior Associate, London
Image of Walter Uebelhoer
Dr. Walter UebelhoerPartner, Munich
Image of Georg Lütkenhaus
Dr Georg LütkenhausSenior Associate, Munich
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Michael ChernickPartner, New York
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Joshua TryonAssociate, New York
A&O Shearman has advised Elliott Advisors on its sale of a 40% interest in Thiess to CIMIC Group, a Hochtief group company. Thiess is one of the world’s largest mining services contractors, working with clients across Australia, Asia, and the Americas.
The AUD1.18bn transaction marks the successful conclusion of Elliott’s structured investment in Thiess, following its initial acquisition of a 50% preferred equity stake in 2020 and sale of a 10% stake in 2024.

“This series of transactions highlights the innovative use of structured preferred equity investments in the Australian market”

“This series of transactions highlights the innovative use of structured preferred equity investments in the Australian market,” said Michael Parshall, M&A partner at A&O Shearman. “Partnering with Elliott on the design and execution of this investment, and its successful realization, demonstrates our ability to navigate complex structures and deliver strategic outcomes.”

“Collaboration across multiple jurisdictions and disciplines was critical to achieving a successful outcome for our client...”

Finance partner Jane Glancy added: “Collaboration across multiple jurisdictions and disciplines was critical to achieving a successful outcome for our client, underscoring the strength of our integrated approach to complex, cross-border transactions.”

The A&O Shearman team advising Elliott Advisors was led by Sydney-based M&A partner Michael Parshall and London-based finance partner Jane Glancy, supported by David Walter and Kendra Turner (Australia), Hugh Mathison (London), Walter Uebelhoer and Georg Luetkenhaus (Munich), and Michael Chernick, Joshua Tryon, and Dhruti Tummalapalli (New York).

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