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Woodside to merge with BHP Group to create oil and gas giant
Global firm KWM has advised Woodside on its merger with BHP Group to create a global energy company.
Lauren Croft
Firm: King & Wood Mallesons (Woodside Petroleum Ltd).
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Deal: KWM has advised Woodside Petroleum Ltd on the proposed merger with the oil and gas business of BHP Group Limited.
Value: $40 million.
Area: M&A.
Key players: The KWM team was led by M&A partners Heath Lewis and David Friedlander and projects partner Alan Murray, supported by a cross-speciality team that included special counsel Amanda Isouard, as well as senior associates Caitlin Sharp, Ben Bradstreet and Caroline Andretich.
Deal significance: The proposed merger would create the largest energy company to be listed on the Australian Securities Exchange, with an anticipated market capitalisation in excess of $40 million.
The two companies have entered into a merger commitment deed that would see them combine their respective oil and gas portfolios by an all-stock merger, and on completion will see existing Woodside shareholders and BHP shareholders owning the combined business on a 52 per cent and 48 per cent basis respectively. The merger is due to be finalised and implemented by 2022.
Commenting on the deal partner Mr Lewis said: “We are delighted to be assisting Woodside on this company-defining, strategic transaction that will position Woodside to advance multiple significant projects across the globe and continue to invest in the energy transition.
“It is an exciting time for Woodside, and we take great pride in having the opportunity to leverage our expertise in the support of the Woodside team.”
