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Moly-Cop changes hands with dual-track deal

Moly-Cop changes hands with dual-track deal

A complex deal worth in excess of US$1 billion has seen the concurrent sale and IPO of Arrium’s mining consumables business to a funds group.

Firms: Gilbert + Tobin (Arrium Ltd); American Industrial Partners (purchasing funds)

Deal: The dual-track IPO and sale of Moly-Cop by Arrium Ltd (Arrium), triggered by the administration of Arrium, is under way.

Value: US$1.23 billion

Area: M&A

Key players: The G+T team advising Arrium on the sale and IPO was led by partners Peter Cook (pictured), David Clee, Hiroshi Narushima, Dominic Emmett, Adam D’Andreti and Simon Lynch.

Also assisting with the deal were special counsel Elizabeth Hill, lawyers Laura Bacon, Melissa Baxter, Olivia Blakiston, Madeleine Brett-Williams, Evan Jones, Kathryn O’Brien, Clare Harris, Wendy Hsu, Tim Kennedy, Jessica Kim, David Kirkland, Mack Wan and Catrina Yu.

Deal significance:

Former diversified mining and materials company Arrium has sold its mining consumables business Moly-Cop.

Moly-Cop has been acquired by a group of funds for an enterprise value of USD$1.23 billion.  

The dual-track deal involved the IPO and trade sale process of Moly-Cop. The deal, advised by G+T was large in both scale and complexity, particularly against the background of Arrium’s administration.

KordaMentha Restructuring proceeded with the competitive dual-track transaction on behalf of Arrium.

G+T lead partner Peter Cook said the result for both streams in dual-track process attracted strong market support, despite “multiple challenges” presented by Arrium’s administration.

“Achieving an outcome of this kind requires a high degree of coordination and dedication from all transaction participants and our team worked together to provide seamless support to Moly-Cop and KordaMentha and the team of advisers,” Mr Cook said.

“We are pleased to have played our part in achieving a favourable outcome for all stakeholders.”

Trade sale stream leaders for the deal Hiroshi Narushima and David Clee commended the efforts of the transaction team, including Moly-Cop’s leadership team, on the deal.

“The Moly-Cop sale is the largest and most complex sale out of administration since the collapse of Ansett. We are grateful to KordaMentha for their support and we look forward to working with them and the Moly-Cop team to bring the transaction to a successful conclusion in the coming period,” Mr Narushima said.

G+T partner Peter Cook

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