find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (1-3 PAE)
Category: Insurance and Superannuation Law | Location: Sydney NSW 2000
· Join a dynamic Firm · Excellent career growth opportunity
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
DLA Piper advises on $50m Chemring deal

DLA Piper advises on $50m Chemring deal

DLA Piper teams in Australia and Spain have acted for British defence equipment maker, Chemring Group, on the sale of its marine interests to Drew Marine for $50 million.

DLA Piper teams in Australia and Spain have acted for British defence equipment maker, Chemring Group, on the sale of its marine interests to Drew Marine for £32 (AUD$50) million. 

Chemring makes ejector seats and pyrotechnic decoys for military aircraft, and said it no longer viewed its marine unit as core to its business.

Drew Marine, a supplier of marine water treatment, maintenance, welding and refrigeration, fuel treatment, will be a closer fit with Chemring Marine, which supplies marine distress signals to the commercial and leisure markets.

DLA Piper assisted Chemring in Spain and Australia with sale agreements and various other agreements required for the sale and future arrangements between Chemring and Drew Marine.

The team was jointly led by Melbourne-based Corporate partner Mark Burger, assisted by solicitor Laura Loftus, and Madrid-based Corporate partner Joaquin Echanove, assisted by associate Luis Borrero.

"It was a complex arrangement given Chemring's presence in four countries and the way the company was structured in each jurisdiction,” said Burger. 

“Two separate sale agreements were required to complete the transaction and in Australia, a number of other documents have been agreed to facilitate an ongoing relationship between Chemring Australia Pty Ltd and Drew Marine,” he said.

Completion, which is conditional upon regulatory approvals and subject to a working capital adjustment, is expected by the end of July.

The proceeds after costs will be used by the Group to reduce net debt, initiate a share buy-back, and to fund existing pension liabilities of around £2 million.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

DLA Piper advises on $50m Chemring deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...