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Aussie contractor completes sale to NYSE-listed firm

Aussie contractor completes sale to NYSE-listed firm

Contractor

A global law firm has advised an Australian drilling contractor on the sale of its stake to a NYSE-listed global alternative investment firm.

Firms: K&L Gates (DDH1 Drilling); Gilbert + Tobin (Oaktree Capital Management)

Deal: DDH1 Drilling has been advised on the sale of its stake to Oaktree Capital Management.

Value: Confidential

Area: M&A

Key players: A K&L Gates team comprising corporate and transactional partner Nick Humphrey, special counsel Gordon McCann and senior associate Naomi Saba advised the vendors on all legal aspects relating to the sale.

Deal significance: DDH1 Drilling is described as a leading drilling contractor to the Australian mineral and mining sector, while Oaktree Capital Management is a NYSE-listed global alternative investment firm.

K&L Gates partner Nick Humphrey said the firm is pleased to have assisted DDH1 achieve a successful result that will support their organic growth and acquisition strategy.

“This is the first time Oaktree Capital has undertaken a pure private equity transaction in Australia and demonstrates the increasing appetite of global funds to invest in Australian assets,” he said.

Also commenting on the transaction, K&L Gates special counsel Gordon McCann said: “This was the first non-distressed drilling transaction for many years and signals the industry’s ability to attract new investment”.

“It also reflects the increased interest into the mining services industry that we are seeing from both domestic and foreign investors.”

DDH1 Drilling general manager Murray Pollock applauded K&L Gates’ approach in the deal.

“K&L Gates’ pragmatic approach was critical to the completion of this deal and we found that their experience in acting for both major international investment firms and privately owned Australian companies assisted us during the course of the transaction,” he said.

 

 

 

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