Minter Ellison, Gilbert + Tobin and Norton Rose Fulbright played leading roles on a deal shortlisted at the recent Lawyers Weekly Law Awards.
Firms: Minter Ellison (Baytex Energy Corp); Norton Rose Fulbright (Baytex Energy); Felesky Flynn LLP (Baytex Energy); Mayer Brown (Baytex Energy); Gilbert + Tobin (Aurora Oil and Gas Limited)
Deal: Canada’s Baytex Energy acquires Australia’s Aurora Oil and Gas Limited
Value: $2.8 billion
Area: Energy & Resources
Key Players: Baytex used four firms from three jurisdictions on what was a complex and drawn out deal. This cross-border transaction involved a Canadian listed company acquiring an Australian company with assets principally in the US. This required consideration of the consequences of the relevant transfers of interests and the associated refinancing. NRF was the primary legal counsel to Baytex on its takeover bid. A cross-border team of lawyers from the firm’s Perth, Sydney and Houston offices were all involved in the deal, which was the largest in Baytex’s 20-year history. Perth-based M&A partner Jeremy Wickens led the NRF team which was a finalist for The Transaction Team Award at the recent Lawyers Weekly Law Awards. Minters provided the strategic tax advice to Baytex. Partner David Pratley and senior tax consultant Paul King led the firm’s team. Senior associate Vasuki Sivaloganthan and lawyer Rebecca Barbour were also involved. “We are delighted to have assisted Canada’s Baytex Energy Corp in this strategic acquisition,” said Paul King (pictured). Felesky Flynn was Baytex’s Canadian counsel, while Mayer Brown acted as the Calgary-based company’s American legal counsel. G+T partners Neil Pathak, Marcello Cardaci and Sarah Turner led the G+T team acting for Aurora, a long-standing client of the firm
Deal Significance: Baytex’s offer of $4.20 for each Aurora share pushed the final purchase price to $2.8 billion. Aurora has extensive interests in the liquids-rich zones of southern Texas and its directors unanimously supported the deal.