NEWS

Allens advises DUET Group on proposed $1.4 billion energy acquisition and $1.67 billion capital raising

By Marc Kemp
Capital Markets Energy Funds Mergers & Acquisitions

International law firm Allens has advised energy utility assets operator DUET Group on its proposed $1.4 billion acquisition of Energy Developments Limited and $1.67 billion equity raising to fund the proposed acquisition.

DUET announced on 20 July that it has entered into a scheme implementation deed with Energy Developments to buy 100 per cent of the company's shares by way of a scheme of arrangement.

To fund the proposed acquisition, DUET Group has launched a fully underwritten $1.67 billion capital raising.

Financial close of the deal is expected in October this year, pending the necessary approvals.

The Allens team on the matter was led by Partner Marc Kemp, with support from Partners Stuart McCulloch on (Corporate and Equity Capital Markets), Alan Maxton (Banking & Finance), and Veronica Siow (Workplace Relations).

Partners Kate Axup, Tracey Greenaway, Bill McCredie and Victoria Holthouse assisted on matters surrounding electricity, gas, environment and property.

Marc Kemp said the proposed acquisition is expected to increase DUET's exposure to long-term, contracted energy infrastructure cash flows and provide additional sources of revenue from remote energy, waste coal-mine gas and landfill gas electricity production and supply.

'We are delighted to have worked closely with DUET and its other advisers on this transaction,' Marc aid.

'DUET is an important client of the firm, and it has been our pleasure to work closely with a fantastic team at DUET, and to play a role in DUET's evolution over the last few years from an externally-managed utilities fund to a stand-alone owner and operator of utilities assets.'

Allens legal team

Marc Kemp (Partner), Stuart McCulloch (Partner), Alan Maxton (Partner), Veronica Siow (Partner), Kate Axup (Partner), Tracey Greenaway (Partner), Bill McCredie (Partner), Victoria Holthouse (Partner), Andrew Wong (Managing Associate), Eve Lynch (Managing Associate), Matthew Symmons (Senior Associate), James Kanabar( Senior Associate), Fiona Maconochie (Senior Associate), Ben Smallwood (Senior Associate), Anne Beresford (Senior Associate), Annabelle Aland (Senior Associate), Gobind Kalsi (Senior Associate)

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.