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AUT to own 53.4% of ElectraNet
Australian Utilities Trust has acquired a further 33.5 per cent stake in electricity transmission specialist company ElectraNet, in a deal worth over $1 billion.
Lauren Croft
Firm: Johnson Winter & Slattery (Australian Utilities Trust).
Value: $1.03 billion.
Area: M&A.
Key players: The team was led by JWS partner Simon Haddy, who worked alongside associate Sascha Silberstein. Partner Sar Katdare advised on the regulatory aspects of the transaction, and partner Craig Wappett advised on the finance aspects.
Deal significance: AUT is a specialist infrastructure investment vehicle, whose underlying owners include Utilities Trust of Australia, The Infrastructure Fund and Sunsuper Superannuation Fund. Under the agreement, AUT will acquire the additional stake for $1.03 billion, bringing its total ownership of ElectraNet up to approximately 53.4 per cent.
ElectraNet owns and operates the high-voltage electricity transmission system throughout South Australia, transmitting power from regional generators and interstate sources over long distances to metropolitan and regional areas, including large, directly connected industrial customers.
Commenting on the deal, Mr Haddy said: “We are delighted to have advised such a highly credentialed group of investors in the infrastructure sector, particularly in connection with such a strategically significant transaction relating to this high-quality asset.”
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.
