Big Law

Hony Capital offloads Santos shares

Two international firms have had a hand in the sale of Hony Capital’s share in Santos.

March 31, 2016 • By Felicity Nelson

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Firms: King & Wood Mallesons (Hony Capital); DLA Piper (ENN)

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Deal: Hony Capital has sold its 11.7 per cent share in Santos to ENN Ecological Holdings.

Value: US$750 million

Area: M&A

Key players: The KWM team was led by partner Shaun McRobert (pictured), supported by senior associate David Jewkes and solicitor Renée Sequeira.

Deal significance: The acquisition – which is subject to ENN shareholder approval – will result in ENN being the largest shareholder in the Australian energy company.

Private equity company Hony Capital will become a strategic investor of ENN through a private placement of new shares, equivalent to US$380 million, supporting ENN’s natural gas growth plans.

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