Value: $893 million.

Deal:  Global law firm DLA Piper has advised Spanish utility giant Iberdrola on its $893 million takeover of Infigen Energy (ASX: IFN).

Area: M&A.  

Key players: DLA Piper’s cross-border, cross-practice team was led by Iñigo Gomez-Jordana in Spain and James Stewart in Australia, supported by partners Tom Fotheringham and Lyndon Masters, as well as special counsel Roger Hawkins and solicitor Tarrant Sewell.

Deal significance: This acquisition allows Iberdrola to establish a beachhead in Australia via acquiring one of the country’s most significant renewable energy companies, strongly complementing its Port Augusta hybrid farm project approved in January 2020, and positioning it to participate in the significant expected growth in the Australian renewable market.

In a substantial shareholder notice, Iberdrola revealed it had now locked up 52.75 per cent of Infigen’s register, since launching a takeover offer at the renewable energy generator in June.

By going over the 50 per cent threshold, not only has Iberdrola taken control of Infigen but it has automatically extended its offer by a further two weeks, giving it some more breathing room to get remaining shareholders to accept its 92¢ a share bid.

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The DLA Piper team supported Iberdrola through the complexities of the Foreign Investment Review Board approval process, recently amended due to the COVID-19 disruption, and expedited approval within weeks.

“We are delighted that our client Iberdrola has successfully completed the takeover of Infigen Energy,” Mr Stewart said.

“Our team was perfectly placed to advise our client on this cross-border transaction, particularly relating to strategies to address a competing bidder and obtaining Foreign Investment Review Board approval. This is a fantastic result for Iberdrola, and we are excited to see them expand into the Australian market.”