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Energy Australia sells $1.78bn gas storage plant

Energy Australia sells $1.78bn gas storage plant


A boutique and an international firm have advised QIC on its acquisition of a gas storage facility.

Firms: Hive Legal and King and Wood Mallesons (QIC); Herbert Smith Freehills (Energy Australia)

Deal: QIC acquired the Iona Gas Storage facility from Energy Australia.

Value: $1.78 billion

Area: M&A

Key players: The Hive Legal team consisted of Mitzi Gilligan (pictured), principal, and Andrew Brookes, senior associate.

A multidisciplinary team from KWM assisted QIC including: partner Louis Chiam who led the acquisition team with senior associate Jonathan Mitchell. Claire Rogers, partner, lead the acquisition financing, assisted by senior associates Brendan Smith and Chris Allfrey. Ros Anderson led the upstream equity investment assisted by senior associate Carola Toledo Da Silva. In addition, Caroline Coops, partner, led the competition piece.

Deal significance: QIC, a large wholesale funds manager owned by the Queensland Government, has purchased the Iona Gas Storage plant in south-west Victoria and will take control of the plant by the end of the year.

Iona is used by energy companies, such as AGL Energy and Origin Energy, to manage supply in off-peak periods.

This deal is part of a restructure at Energy Australia.

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