AGL said that the deal represents the first in what is likely to be a series of non-core asset divestments, but was expected to be the most difficult of all their asset sales.

Philip Breden, who led the deal for Gilbert + Tobin, said overcoming cross-border legal issues in both Australia and Chile provided some interesting challenges for completing the process. By working closely with AGL, Breden said, “these issues were successfully solved in a short period of time”.

The deal represents a long-term relationship for Gilbert + Tobin, who previously acted for AGL on other significant transactions, including the merger of AGL’s infrastructure business with Alinta Limited and the spin-off of their energy business to form AGL Energy Limited. Recently, Breden and his team advised AGL Energy on the disposal of its 33 per cent interest in AlintaAGL to Babcock & Brown.

Breden was assisted by James Lewis, Mark Komadina and Dominic Peacock, also all from Gilbert + Tobin.