subscribe to our newsletter sign up
Ashurst and Clutz Forge ahead

Ashurst and Clutz Forge ahead

Ashurst and Clayton Utz have acted in a Block Trade Agreement with Macquarie Capital for the fully-underwritten sale of Forge, an engineering and construction company.


Firms: Ashurst (Clough Limited), Clayton Utz (Macquarie)

Deal: Sale by Clough of shareholding in Forge – fully-underwritten block trade

Area: Corporate

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.

Promoted content
Recommended by Spike Native Network