Firms: Ashurst (Clough Limited), Clayton Utz (Macquarie)
Deal: Sale by Clough of shareholding in Forge – fully-underwritten block trade
Value: $187 million
Key players: Sarah Dulhunty and Roger Davies acted for Ashurst. Clutz’s Melbourne equity capital markets partner Brendan Groves (pictured) led the firm’s team that advised Macquarie on the transaction, which was announced to the market on 25 March 2013.
Deal significance: Clough became a major shareholder in Forge in February 2010. In addition to its shareholding, Clough works with Forge through the Clough Forge Joint Venture, which provides an integrated engineering, procurement and construction service to resource projects.
“The market is starting to see a number of block trades as the equity capital markets improve,” said Groves.
Clough CEO Kevin Gallagher said Forge has delivered strong growth and has been an outstanding investment for Clough. “Clough intends to use the proceeds from the sale of the Forge shareholding to deliver shareholder value through strategic acquisitions and/or capital management initiatives,” he added.