AGL completes WA expansion
King & Wood Mallesons has advised AGL Energy Limited (AGL) on its acquisition of Western Australia’s third biggest electricity retailer.
Firm: King & Wood Mallesons (AGL)
Deal: AGL has acquired 100 per cent of Perth Energy.
Value: $93 million
Key players: The KWM team was led by Perth-based partner, Tim Edwards, with support from solicitor Lucius Moser.
Partner, Richard Snowden and special counsel, Judith Taylor, advised AGL in relation to the tax aspects of the transaction.
Deal significance: Described as Western Australia’s third biggest electricity retailer, Perth Energy retails electricity and gas to business customers in Western Australia and also owns and operates a 120 megawatt gas-fired peaking power station in Kwinana.
Prior to the acquisition, Perth Energy was 80 per cent owned by Infratil, a New Zealand-listed infrastructure fund, with the remaining 20 per cent belonging to Hoperidge Enterprises and other minority shareholders, according to a statement from KWM.
“We are pleased to have advised AGL on the strategic acquisition of Perth Energy, which will see AGL increase its already growing presence in the Western Australian market. We look forward to working with AGL toward completion of the transaction,” Mr Edwards said.