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State of Tasmania advised on Basslink sale
Global law firm Ashurst has advised the State of Tasmania on the sale of Basslink (BPL).
Emma Musgrave
Firms: Ashurst (State of Tasmania); Undisclosed (APA Electricity T&D)
Value: Undisclosed
Area: Corporate
Key players: The Ashurst team was led by partners Kylie Lane (corporate transactions) and Jeff Lynn (planning, access and environment), who were assisted by: associate John Saunders (corporate transactions); partners Ross McClymont and Michael Sloan, and senior associates Bernice Chen and Jake Overend (restructuring, special situations and insolvency); partner Costa Koutsis and senior associate Anthony Hui (tax); partner Chris Redden and senior associate Melany Wilson (international projects group); and partner Andrew Harpur (dispute resolution).
Deal significance: According to a statement provided by Ashurst, the State of Tasmania was a secured creditor of BPL, which entered administration and receivership in November 2021 after attempts at a solvent sale failed to proceed.
“APA was selected as part of a competitive sales process, in which the State of Tasmania played an active role. BPL owns and operates the Basslink Interconnector,” Ashurst said.
“The transaction was focused on securing a suitable owner and operator for the Basslink Interconnector, a key element of the State of Tasmania’s energy security, and negotiating acceptable terms to ensure that Tasmania’s energy security is protected over the long term.
“The successful transaction also ensured the outcomes from the 2020 arbitrations involving Basslink, the State of Tasmania, and Hydro Tasmania were fully implemented.”
Commenting further, Ashurst partner Kylie Lane said: “We are delighted to have acted for the State of Tasmania on this significant and complicated transaction. We have supported the state over a number of years and are thrilled to have secured a successful outcome with the sale of BPL to APA and in the realisation of the state’s objectives for Basslink.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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