BLAKE DAWSON has assisted Australian engineering and infrastructure services company Downer EDI in negotiating an agreement to sell the company’s oil, gas and geothermal drilling division, Century Resources.
Century Resources will be purchased by MB Holding who was advised in the purchase by Allens Arthur Robinson.
Under the agreement reached, the sale will take place in two stages. An initial 51 per cent of the Century holding company will be sold for around $80 million and the balance can either be sold either under a put at the end of three years, or under a call by MB Holding prior to that. The transaction values the entire Century business at around $172 million.
The Blakes team was lead by partners Mark Stanbridge and Derek Speirs. Stanbridge said of the deal: “The agreement was signed by the target date after a massive effort by all involved. It was a great experience working with Downer EDI and with Allens.”