Terracom Limited advised on takeover of Universal Coal

By Tony Zhang|06 February 2020

International law firm Ashurst has advised TerraCom Limited on the takeover of Universal Coal Plc.

Firm: Ashurst (TerraCom Limited)

Deal: International law firm Ashurst has advised TerraCom Limited on the takeover of Universal Coal Plc, the terms of which were announced Thursday on the Australian Securities Exchange.

Under the cash and stock deal, a Universal shareholder will get 10 cents in cash and about 0.6026 new TerraCom shares for each Universal share held.

Area: M&A.

Value: $175 million. 

Key players: The Ashurst team was led by corporate partners Karen Davies and Nick Terry in London and Melbourne respectively. Senior associate Maria McAlister and associate Demi Pham assisted from London, and senior associates Miao Qun Unsworth-Tang and Wendy Hsu from Australia.

Deal significance: The offer, comprising a mixture of cash and share consideration, is made by TCIG Resources Pte Ltd, a wholly owned subsidiary of TerraCom Limited.

“The offer will allow both companies to continue to run successful coal operations with the improved benefit of geographic diversity and an expanded production footprint,” TerraCom said in a statement.

Universal Coal has a portfolio of production, development and exploration assets located across South Africa’s major coalfields. TerraCom Limited is a coal producer in Australia and focuses on acquiring, building and operating a large portfolio of assets in the resource and energy sector in multiple jurisdictions.

TerraCom’s primary operating mine – Blair Athol – is in Queensland, while Universal’s top operations are in South Africa.

Terracom Limited advised on takeover of Universal Coal
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