Deal: AGL’s $158m off-market takeover of Australian Power and Gas (APG)

Area: Mergers & Acquisitions

Value: $158 million

Key players: Corporate partner Phil Breden (pictured) led the transaction for Ashurst, with assistance from: Gary Lawler and Carl Della Bosca (corporate); Liza Carver (competition); Peter McCullough and Barbara Phair (tax); Paul Newman (energy & resources); Steve Smith (banking); Sonia Tame (litigation); Anita Cade (IP); Rehana Box (insurance); Andrew Deane (property), and Tim Brookes (TMT). Andrew Lumsden led Corrs’ team of partners, which included Lizzie Knight, Jaclyn Riley-Smith, Ayman Guirguis and Rommel Harding-Farrenberg, as well as special counsel Rowan McMonnies.

Deal significance: AGL has entered into agreements for the outright acquisition of 19.9 per cent of the issued shares of APG and entered into a bid implementation agreement (BIA) with APG. Under the BIA, AGL has agreed to make a recommended off-market takeover offer (through a wholly-owned subsidiary) to acquire all of the issued shares in APG that it does not currently have an interest in for $0.52 cash per share. A separate offer will be made by AGL to acquire all of the outstanding options in APG for cash, subject to certain relief being obtained from ASIC and the ASX. Andrew Lumsden, Corrs’ lead partner on the transaction, said: “Corrs is delighted to have supported APG in this defining moment in its history. In a challenging market Corrs is proud to have assisted APG in bringing a commercial focus and relentless commitment to execution.”

VIEW ALL