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Energy giant completes $22bn merger
Herbert Smith Freehills (HSF) has advised Santos on its merger with an oil and gas exploration and development company in a deal worth $22 billion.
Lauren Croft
Firm: Herbert Smith Freehills (Santos Limited).
Value: $22 billion.
Area: M&A.
Key players: The Herbert Smith Freehills team included partners Tony Damian and Robert Merrick and senior associates Amelia Morgan and Sevan Gore. The team also included solicitors Jennifer Xue and Frances Hewitt.
The Herbert Smith Freehills team worked closely with the Santos team on the transaction, including vice-president of environment, social responsibility and governance and general counsel Jodie Hatherly, legal manager Alex Djurasevich, company secretary and senior corporate lawyer Amanda Devonish and Christina Handley.
Deal significance: The merger, which was successfully implemented on 17 December 2021, has a market capitalisation of approximately $22 billion. Following implementation, Oil Search shareholders hold approximately 38.5 per cent of the merged entity and Santos shareholders hold approximately 61.5 per cent.
Commenting on the deal, Mr Damian said: “We are delighted to have advised Santos on such a landmark transaction and a key milestone in Santos’ history. The merger is one of the largest transactions completed in 2021 and demonstrates the ongoing strength of the M&A boom in Australia.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
