DLA Piper advises Macquarie Technology Group on hybrid investment from National Reconstruction Fund Corporation

Global law firm DLA Piper advised Macquarie Technology Group Limited (ASX: MAQ) on securing a AUD200 million hybrid investment from the National Reconstruction Fund Corporation (NRFC), a sovereign investor established by the Australian Government to support nationally significant technological innovation, digital infrastructure, defence and national security.

The NRFC investment will be delivered through a delayed draw facility for the issue of perpetual, callable, subordinated, unsecured and non convertible securities. These hybrid securities will be issued in two series, with the first series expected on or before 1 June 2026 and the second on or before 1 March 2027.

Proceeds will support Macquarie Technology Group's development of sovereign secure digital infrastructure and cyber security services. The investment will also accelerate product development across its cloud services and government business, enabling broader use of sovereign cloud and AI by Australian government agencies, the Department of Defence, defence industry, critical infrastructure providers and Australian businesses.

DLA Piper’s cross-practice team advising Macquarie Technology Group was led by Finance partner Alex Regan and Corporate partner David Ryan. They were supported by partner Kelly Morrison (Corporate), special counsel Rosa Sayer (Corporate) and Katalin Legradi (Finance), senior associate Julia Krapeshlis (Corporate) and solicitor Sophia Davies (Finance).

The team advised on the structuring, negotiation and documentation of the AUD200 million hybrid financing arrangement, including the hybrid security terms and associated ASX and corporate governance considerations.

Commenting on the transaction, Alex Regan said: "This investment marks an important milestone for Macquarie Technology Group. It supports the next phase of growth in sovereign cloud and cyber security and strengthens the foundations needed to meet Australia’s increasing digital resilience needs.”

David Ryan added: “This transaction is a distinctive example of how ASX listed companies can access bespoke hybrid capital at scale outside the traditional public markets. The investment sits carefully within Macquarie Technology Group’s capital structure while preserving balance sheet flexibility and meeting the governance and disclosure requirements expected of a listed issuer.”