Ashurst Legal Outlook Podcast

In this episode, Tony Damian and Amelia Morgan meet with Alyssa Philips, Partner in the Ashurst Competition Team, to discuss how the new Australian merger clearance regime is functioning in practice.
What's been catching people out, how is the ACCC managing the volume of applications, and what changes might we expect to see in the future?
Watch all of our episodes in the Ahead of the Deal series here. For more information about our global corporate practice, visit our Corporate and M&A page.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.
See omnystudio.com/listener for privacy information.

Our continuing series takes an unflinching look at a vexed issue: how much water is required to keep the world’s data centres running. To illustrate this, we put the UK in the spotlight to consider the nation’s rules, regulations, and innovations designed to minimise water consumption in future.
In this episode, finance partner Ruth Harris tackles data centres’ water usage with real estate partners Alex Peace (in Australia) and Charlie Reid (in the UK). Together, the Ashurst colleagues reflect on current and forecast demands for water – and the responses from government, communities, investors, water companies and the industry itself.
In this revealing discussion, Charlie outlines the planning framework in the UK, where data centres have been designated critical national infrastructure which – on the surface – appears to create tension between the nation’s economic and environmental ambitions. He explains how environmental impact assessments are increasingly at the frontier of data centre development and notes a recent legal challenge centred on an inadequate water and energy consumption assessment.
However, the trio also discuss how modern facilities using circular water systems can consume dramatically less water than older data centres. They consider the need for standardised metrics to measure and report on facilities’ water usage effectiveness. And they consider how water companies could be part of the solution.
To listen to this and subscribe to future episodes about data centres, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. To listen to a recent episode dedicated to water usage in Australian data centres visit this web page. To read Ashurst’s regular article series on data centres, visit this web page. To find out more about the full range of Ashurst podcasts, visit ashurst.com/podcasts.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.
See omnystudio.com/listener for privacy information.

Europe’s back leverage market has swelled recently. In this episode we consider the limitations of the label “back leverage”, explain what it covers, why it matters, and where it’s headed. We also offer several practical pointers for structuring transactions effectively.
Back leverage in European real estate finance has grown rapidly. It attracts serious capital – but remains notoriously difficult to define. It goes by pseudonyms such as debt-to-debt or loan-on-loan but nothing quite captures what this market has become.
In this episode, Ashurst partner Ruth Harris is joined by special guest AJ Storton, a partner at Art Capital, to get into the nitty gritty and the bigger picture. They explain exactly what back leverage is and explain why “structured leverage” might be a more useful term.
They also discuss the motivations on each side of the trade (users and providers) and the documentation questions that determine how a transaction is actually structured. There’s also a handy summary of securitisation compliance obligations, and crucially – the “top 10” structural features that any party to these transactions needs to nail.
To listen to this search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.
See omnystudio.com/listener for privacy information.

In this episode of Taxed Out, Tax Controversy Partners Vanja Podinic and Colin Little examine YTL and Newmont, the first major Federal Court tests of Division 855 and the principal asset test. Both cases reject the Commissioner’s push for an expansive, physical reading of “real property”, confirming instead that the definition turns on technical legal estates, statutory severance rules and the underlying rights actually held.
Vanja and Colin walk through the implications for investors disposing of infrastructure and mining interests, explaining why leases, transmission assets, plant and equipment, and mining tenements must all be analysed through a property-law lens rather than a physical-asset one. They also outline the Courts’ guidance on valuing synergistic asset bundles and allocating value between TARP and non-TARP assets.
The decisions highlight the need for meticulous evidence gathering, careful classification of rights, and interdisciplinary support from property, planning and infrastructure specialists. For investors, the message is clear: understanding the legal character of land-related rights is now essential to navigating Australian CGT rules.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.
See omnystudio.com/listener for privacy information.

Welcome to Ahead of the Deal. Each month, we explore the latest news and developments in M&A to help you stay Ahead of the Deal. We cover trends in M&A activity, topical deal issues and changes in the regulatory landscape.
In the first episode of our new series, Tony Damian and Amelia Morgan unpack the key findings from Ashurst's recently released M&A Deal Report 2026.
Tony and Amelia take a close look at deal flows, shifting deal structures and the role of private capital.
Watch all of our episodes in the Ahead of the Deal series here. For more information about our global corporate practice, visit our Corporate and M&A page.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.
See omnystudio.com/listener for privacy information.