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Santos cements all-scrip merger with Oil Search
Three BigLaw firms have advised on a billion-dollar transaction which saw Santos complete an all-scrip merger with Oil Search.
Emma Musgrave
Firm: Dentons (Santos); Herbert Smith Freehills (Santos); Allens (Oil Search).
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Deal: Santos has been advised on an all-scrip merger with Oil Search.
Value: Approximately $21 billion.
Key players: The Dentons team was led by partner Stephen Massa, with support from partners Don Robertson, Steve Patrick and Erik Andersen, managing associate Rachel Austin and senior associate Wavie Kendino.
Deal significance: According to a statement from Dentons, the merger “creates a regional champion of size and scale, with a pro-forma market capitalisation of approximately A$21 billion”.
“The aim is to use its balance sheet and strong cashflows to successfully navigate the transition to a lower carbon future. It is expected that the merger will unlock pre-tax synergies of US$90-115 million per annum,” the firm said.
Commenting further, Dentons partner Stephen Massa said: “The transaction is another example of Dentons’ strong regional expertise and deep energy and resources sector knowledge, working for high profile clients on strategically important deals”.
