Billion-dollar stapled securities sale complete

By Melissa Coade|18 May 2017

A utility and infrastructure operator has sold all of its stapled securities to a consortium for more than $7 billion.

Firms: Allens (DUET Group); King & Wood Mallesons (Counsel for Cheung Kong Infrastructure Holdings Ltd).

Deal: A consortium led by Cheung Kong Infrastructure has acquired 100 per cent of DUET Group’s (DUET) stapled securities.

Value: $7.4 billion

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Area: M&A, finance, funds, litigation

Key players: The Allens team advising DUET on the stapled securities sale was led by partners Marc Kemp and Stuart McCulloch (pictured).

Deal significance: The $7.4 billion sale to a consortium of all of the stapled securities for DUET was implemented on 15 May. Cheung Kong Infrastructure Holdings Ltd led the consortium that acquired the securities.

DUET’s asset portfolio includes the Dampier to Bunbury gas transmission pipeline, energy business Energy Developments Limited, and power and gas distribution networks in Victoria.

According to the Allens, who advised DUET on the transaction, the deal involved four inter-conditional schemes. Of those four schemes, three were company schemes of arrangement and one was a trust scheme.

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Commenting on the deal, Allens lead joint partner Marc Kemp said the matter involved a large multidisciplinary team.

“We are delighted again to have worked with our long-standing client, DUET, on this transformative deal, and congratulate them on the outcome,” Mr Kemp said.

Billion-dollar stapled securities sale complete
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