Premier Colin Barnett and Treasurer Mike Nahan have announced that a joint venture of Rothschild and Deloitte would provide advice on the Kwinana Bulk Terminal and Utah Point Bulk Handling Facility port asset sales, and a team from the Perth office of Ernst & Young would support the sale process for the Perth Market Authority.
Mr Barnett said the appointments followed a competitive tender process, which included high-quality proposals from a number of multinational financial organisations. The Premier stated:
"High quality financial advice is essential to delivering the best outcome for the State and Western Australian taxpayers"
Dr Nahan said the Rothschild and Deloitte partnership would deliver value for money, local port experience and demonstrated success with national asset transactions, while Ernst & Young had knowledge of the Perth Market Authority and hands-on experience in advising on similar market assets in other locations.
The lead financial advisers will be involved in all phases of the sales process, including project planning, detailed due diligence and execution of the sale if the assets are ultimately approved by State Cabinet for divestment.
Dr. Nahan commented:
"Asset sales can also provide broader benefits such as introducing private sector discipline and competition, which places downward pressure on prices and improvements to service." "The abundance of, and access to, private capital means it is also better placed to finance asset expansion and upgrades sooner, delivering greater levels of efficiency and productivity."
The Government will consider further assets for potential divestment as part of the 2015 -16 Budget process.