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Firms sing $1.4 billion DUET on energy deal

Firms sing $1.4 billion DUET on energy deal

Hiroshi Narushima

Three firms have advised on the acquisition of an international energy provider by assets investment company DUET.

Firms: Gilbert + Tobin (Energy Developments Limited); Allens (DUET Group); Norton Rose Fulbright (DUET Group - Europe and US)

Deal: DUET Group acquired all shares of Energy Developments Ltd under a scheme of arrangement.

Value: $1.4 billion

Area: M&A

Key players: The Gilbert + Tobin team were led by corporate advisory partner Hiroshi Narushima (pictured), alongside lawyers Nirangjan Nagarajah, Wendy Hsu and Jennifer Mulheron. Norton Rose Fulbright partner Simon Currie headed up his team, including senior associates Hannah Logan, Louise Santos and Claire Whitney and associate Claire Boyle. Lawyers from NRF's London, Athens and Washington DC offices also assisted.

Deal significance:

EDL is a remote energy solutions provider while DUET is an energy assets investment company.

According to a statement from Norton Rose Fulbright, EDL has more than 900MW of installed generation capacity and runs three business units, namely remote energy, waste coal mine gas and landfill gas.

Under the deal, DUET will expand its clean energy operations.

“The proposed acquisition by DUET recognises the strong growth of EDL’s clean energy business,” Mr Narushima said.

DUET told the Australian Securities Exchange (ASX) on July 20 that it had entered into a scheme of implementation deed with Energy Developments, through which it would acquire 100 per cent of EDL’s shares. Purchased through a scheme of arrangement, the acquisition was for $8.00 per share payable in cash.

To fund the transaction, DUET launched a fully underwritten $1.67 billion equity capital raising. 

Mr Currie said utilities were seeking diversification of earnings both in Australia and globally.

"This transaction reflects the move away from the traditional model of large generating units connected to pipeline and grid infrastructure, which meet the bulk of the load, to a de-centralised model where customers will often meet their requirements on-site or from local resources," he said.

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