Deal: King & Wood Mallesons has advised joint lead managers in WorleyParsons Limited’s pro rata ANREO of new ordinary shares to existing shareholders. WorleyParsons Limited was advised by Herbert Smith Freehills. 

Value: $2.9 billion

Area: Corporate, M&A

Key players: KWM’s team led by partner David Friedlander included special counsel Amanda Isouard and solicitor Gemma McMahon.

HSF's Australian capital markets team was led by partner Philippa Stone with assistance from partner Philip Hart, senior associate Garth Riddell, solicitors Christian Bourke, Elizabeth Cameron, Lucinda Bradshaw and Daniel Stathis with graduate Shananne Joyce. 

Deal significance: WorleyParsons Limited is an Australian-based professional services and engineering company listed on the ASX.

The offer consists of “an accelerated institutional rights issue and a retail rights issue to raise approximately $2.9 billion to fund its major US-based acquisition,” according to a King & Wood Mallesons statement.

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The acquisition will see it take over US-based Jacobs Engineering Group’s energy, chemical and resources division.

Herbert Smith Freehills' Philippa Stone said the firm is "delighted to have advised our longstanding client WorleyParsons on this important transaction, having previously advised the company on its initial public offering in 2002 and subsequent capital raisings in 2004, 2007 and 2017."

"The acquisition of Jacobs ECR marks a further significant step in WorleyParsons' growth, delivering on its strategic priorities," Ms Stone continued, "we look forward to continuing to work with WorleyParsons and its dedicated management team in the future."

Lead partner for King & Wood Mallesons, David Friedlander said it “has been great to work with WorleyParsons and the joint lead managers again on what should be a transformative transaction for the company.”

He said the firm has acted for lead managers on major equity raisings for WorleyParsons repeatedly now.