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Clough acquires more energy

Clough acquires more energy

Allion Legal and Adelaide-based firm Fisher Jeffries have advised on the $14 million acquisition of energy and resources service provider e2o.

Firms: Allion Legal (Clough Operations Pty Ltd); Fisher Jeffries, a member of Gadens Lawyers national practice (e2o Pty Ltd)

Deal: Clough Operations’ share acquisition of e2o Pty Ltd and affiliated companies

Area: M&A

Value: Approximately $14 million

Key players: Principal Phil Lucas and senior associate Fiona Ellett led for Allion

Deal significance: e2o is a leading provider of specialised commissioning, completions and hazardous area inspection services to the energy and resources sectors.  e2o is well positioned in the LNG sector and is currently working on commissioning scopes for major LNG projects, including Chevron’s Wheatstone LNG, Origin’s Australia Pacific LNG, and Santos’ Gladstone LNG projects. e2o will continue to operate under its existing management team and brand to provide an integrated and independent commissioning service to clients. The transaction involved an upfront cash payment and an earn-out involving cash and shares over a three-year period, subject to certain performance criteria.  Key management were retained through incentivised employment arrangements.

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