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Firms finalise Wesfarmers US$100 million energy deal
One of Australia’s largest listed companies has made its first investment in the upstream oil and gas sector, with help from Gilbert + Tobin and Allens.
Felicity Nelson
Firms: G+T (Wesfarmers); Allens (Macquarie Capital)
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Deal: Wesfarmers agrees to acquire a 13.7 per cent interest in Quadrant Energy Holdings.
Value: US$100 million
Area: M&A
Key players: Partner Justin Little (pictured) and special counsel Mindy Bonomelli led the Perth team advising Wesfarmers on the acquisition.
Deal significance:
Brookfield Asset Management Inc and Macquarie Capital recently acquired Apache Corporation’s domestic oil and gas assets in Western Australia for US$2.1 billion, each holding an initial 50 per cent interest in Quadrant Energy.
Wesfarmers has invested US$100 million to acquire a 27.4 per cent interest in a special-purpose vehicle in which Macquarie Capital holds its interest, representing the 13.7 per cent interest in Quadrant Energy.
