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WA supply base to be sold
MMA Offshore has entered an agreement for the sale of its supply base in Dampier.
Tom Lodewyke
Firms: Ashurst (MMA Offshore); MinterEllison (Toll Group)
Value: $44.1 million
Area: M&A; transport, infrastructure and logistics
Key players: Corporate partner Antonella Pacitti (pictured) led the Ashurst team advising MMA Offshore, assisted by partners Gaelan Cooney (finance), Barbara Phair and Peter McCullough (tax) and Vince Rogers (employment).
Deal significance: MMA Offshore has entered an agreement to sell its supply base in Dampier to Toll Group.
MMA said in an ASX announcement that the sale is part of its strategy to rationalise non-core assets and reduce debt, along with the sale of its supply base in Broome.
“The sale of the supply base assets marks a significant step in the strategic repositioning of MMA’s asset portfolio and is supported by the company’s banking syndicate,” said MMA chairman Tony Horwath.
“Historically, the supply base assets were a significant contributor to the earnings of our predominantly Australian-focused operations. However, in recent years the supply base business has become less significant as the company has focused its strategy on its Australian and international offshore vessel operations.”
Ashurst lead partner Antonella Pacitti said, “This is a really important, strategic transaction for MMA Offshore, and we are delighted to have helped with it. Our relationship with MMA Offshore is longstanding and we look forward to continuing our work together”.
The sale is subject to approval by the FIRB and the ACCC, as well as consultation with the ASX and a number of other conditions. It is expected to be completed in June 2017.
