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Quadrant Energy sold for US$2.15bn
Energy company Quadrant has been sold to Santos Limited, in what Clayton Utz has termed one of the most significant M&A transactions in the energy and resources sector of this year.
Jerome Doraisamy
Firm: Clayton Utz (sellers consortium Brookfield Business Partners and its institutional partners, and Macquarie Capital and its institutional partners); Herbert Smith Freehills (Santos Limited).
Area: M&A.
Value: US$2.15 billion
Key players: The Clayton Utz transaction team was led by partner Emma Covacevich, with the IPO stream led by partner Stuart Byrne and tax considerations headed up by partner Peter Feros. Other lawyers who assisted were Ben Cansdale, Johnson Lo, Katy Warner, Kwan Leung and Kaz Field.
The HSF team was led by partner Robert Merrick and included partners Baden Furphy, Matthew Bull, Quentin Digby, Miles Bastick and Elizabeth Macknay, executive counsel Ben Landau, senior associates Jane Ballard, Mark Hatfull, Chelsea Herman, Dylan McIntyre, Anna Coroneo, Kristen Hammond, Owen Alcorn and Keara Stretton and associates from across the firm’s Perth, Melbourne and Sydney offices. Nick Heggart from Greenwoods & Herbert Smith Freehills also advised Santos on tax matters.
Deal significance: The deal is “one of the most significant M&A transactions in the energy and resources sector year to date”, Clayton Utz said.
“It marks the culmination of over 12 months of intensive due diligence, structuring and negotiations.”
“We are delighted to have acted for Santos on this deal. It aligns with Santos’ aim to be Australia’s leading domestic natural gas supplier. The deal gives Santos operatorship of a number of existing gas hubs in WA and a number of offshore growth opportunities in WA and Northern Australia,” said Mr Merrick.
Subject to regulatory approvals, Clayton Utz said the transaction is expected to complete in late 2018 or early next year.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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