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DUET deal has three firms dancing
Global firms get the gig on a major cross-border resources deal.
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Firms: Allens (DUET Group); Squire Sanders (TransAlta); Ashurst (DUET and UBS)
Area: Energy & Resources
Value: $178 million
Key Players: Funds management expert Marc Kemp (pictured) led the Allens team, which included lawyers from Perth, Sydney and Melbourne. “We have been delighted to assist DUET Group, a long-standing client of the firm, on this most recent transaction,” said Kemp.
His partnership colleagues Tracey Greenaway, Michael Hollingdale and Ted Hill also assisted.
Allens acted for DUET and its subsidiary, the DBP Development Group (DDG), on a joint venture agreement to build a 270km natural gas pipeline in WA.
Ashurst acted for DUET with regard to stamp duty matters and also acted for UBS on a capital raising in connection with DUET’s involvement in the project.
Sarah Dulhunty, the head of Ashurst’s Australian equity capital markets practice, was involved in that particular aspect of the deal.
The Squires team was led by Duncan Maclean, the Perth-based co-head of the firm’s global energy and resources team.
Deal Significance: This deal will see the construction of a 270 kilometre long pipeline from the existing Dampier to Bunbury Natural Gas Pipeline to Fortescue Metals’ Solomon Hub Power Station in the Pilbara region of WA.
DDG will build the pipeline.
In order for the deal to come to fruition, TEC Pilbara, a subsidiary of Canada’s TransAlta Corporation, formed a joint venture with DDG.
TransAlta currently owns six power stations in Australia.
The pipeline is due to be completed by the end of the year.
Fortescue CEO Nev Power said the agreement would allow the mining giant to reduce operating costs and cut emissions by switching stationary power generation from diesel to natural gas.
