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Major takeover battle for Australia’s largest listed renewable energy generator
In a bidding war for Australia’s largest ASX-listed energy generator, G+T is advising Infigen Energy on the competing off-market takeover bids by Iberdrola and UAC Energy.
Tony Zhang
The bidding war for Australia’s largest ASX-listed renewable energy generator has continued as rivals increased their respective offers.
On 3 June 2020, Philippine-linked investment company UAC Energy Holdings raised its offer for Infigen to $0.86 per share and declared it free of all conditions.
However, Infigen has recommended shareholders stick with an offer from Iberdrola, after the Spanish utility company stripped most conditions from the $856 million bid for Australia’s largest listed wind farm operator.
Iberdrola upped its bid for Infigen to 89¢ on Monday after rival bidder Philippine investment company UAC Energy increased its offer to 86¢ a share and stripped out all conditions.
The Spanish renewable energy giant looks to be in first place as it has received clearance from the Foreign Investment Review Board to proceed with its proposed $864 million takeover.
Iberdrola last week said that there were now no major outstanding conditions on its takeover bid, which has also won the endorsement of the Infigen Energy board.
G+T’s market-leading M&A/corporate advisory team is advising on all aspects of the transaction.
The G+T team is led by corporate advisory partners John Williamson-Noble and Tim Gordon with support from lawyers Mary Brady, Chris Morse, David Konstantopoulos and Thomas Kannan.
“Our significant M&A expertise and strategic input is helping Infigen pursue the best outcomes possible for its security holders and we look forward to providing further advice as the transaction evolves,” Mr Williamson-Noble said.
Mr Gordon added that Infigen’s board and management have shown real foresight in building a utility of the future through diversified renewable generators supported by fast-start firming assets.
“This would allow Infigen to provide customers with firm supplies of clean energy with more than 95 per cent renewable generation while managing intermittency issues and minimising associated costs. The interest shown in Infigen from the bidders is evidence of the quality of its business,” he said.
The successful bidder will be able to expand its Australian portfolio through Infigen’s 670 megawatts of wind generation assets, 268 megawatts of firming assets, including a 25-megawatt/52-megawatt-hour Tesla battery collocated with the Lake Bonney Wind Farm in South Australia, 246 megawatts of additional renewable capacity through offtake PPAs, and more than 1-gigawatt strong development pipeline.
Bernard Collaery (barrister, former Attorney-General of the ACT)
Kate Eastman SC (barrister and co-founder, Australian Lawyers for Human Rights)
The Honourable Robert French AC (former chief justice, High Court of Australia)
Sue Kench (global chief executive, King & Wood Mallesons)
The Honourable Chief Justice Susan Kiefel AC (chief justice, High Court of Australia)
The Honourable Michael Kirby AC CMG (former justice, High Court of Australia)
Jane Needham SC (barrister and former president, NSW Bar Association)
Geoffrey Robertson AO QC (barrister)
Professor Gillian Triggs (assistant secretary-general, United Nations and former president, Australian Human Rights Commission)
