Firms: Allens (DUET Group); King & Wood Mallesons (consortium)
Deal: A consortium offer has been agreed to for the takeover DUET Group’s outstanding stapled securities.
Value: $7.3 billion
Key players: The Allens team advising DUET Group was led by partners Marc Kemp (pictured) and Stuart McCulloch. Special counsel Andrew Wong, senior associate Charles Ashton and lawyer Isaac Wall assisted. Senior overseas practitioner James Kanabar also worked on the deal.
The board of energy utility and infrastructure operator DUET unanimously endorsed the consortium proposal, and a scheme of implementation agreement was signed over the weekend.
The consortium, which comprises Cheung Kong Infrastructure Holdings Limited, Cheung Kong Property Holdings Limited and Power Assets Holdings Limited, offered to acquire 100 per cent of the company’s outstanding stapled securities for $7.3 billion.
Allens, who advised DUET in relation to the consortium proposal indicated that the agreement is subject to approvals including foreign investment (FIRB) and security holder approval.
“We have been excited to work with our long-standing client DUET Group on this important transaction,” said joint lead partner Marc Kemp.
“We are looking forward to continuing to work with DUET Group as the deal progresses.”