Firms: Allens (DUET Investment holdings Limited); Minter Ellison (Alcoa of Australia)
Deal: Global firm Allens has advised DUET Investment holdings Limited in a deal with Alcoa of Australia to acquire its 20 per cent stake in the DBP. The firm also advised on $230 million capital raising to fund the project, including a fully underwritten $200 million placement and a $30 million stapled security purchase plan.
Value: $205 million
Area: M&A/Banking and finance
Key players: Allens corporate partner Marc Kemp (pictured) led the team advising on the deal, with senior overseas practitioner James Kanabar, lawyer Patrick Boyle and graduate Antonia Ross from Sydney and resources and infrastructure partner Mark McAleer from Perth.
Deal significance: The deal gives DUET complete ownership of a major piece of Australia’s energy infrastructure. Following the acquisition, the company’s aggregate ownership of DBP has increased from 80 to 100 per cent.
DUET CEO David Bartholomew said the acquisition further simplifies the company’s group structure.
“We would like to thank Alcoa for their contribution to the management of DBP’s operations during their period of ownership and we look forward to maintaining our close relationship for many years to come,” Mr Bartholomew said.
Marc Kemp, the lead partner advising on the deal, said Allens was “delighted to have worked with an important client on an acquisition”.