THE COMMONWEALTH Bank announced on 31 July that it had sold its 15.2 per cent interest in the Loy Yang A (YLA) power station and mine for $179.8 million. The Loy Yang A power station provides about a quarter of Victoria’s electricity.
AFreehills team — partner Tony Damian and solicitor Fiona Scattergood — advised the Commonwealth Bank of Australia, working closely with Derek Culey of Commonwealth Bank Legal Services and its financial adviser ABN AMRO. The sale was “undoubtedly an excellent outcome”, said Damian.
The 15 per cent interest went to four purchasers: Transfield (9.32 per cent) and three superannuation funds, MTAA Super (1.52 per cent), Statewide Superannuation Trust (2.50 per cent) and Westscheme (1.83 per cent).
A key feature of the transaction was the simultaneous negotiation of the four sale agreements. The Freehills team liaised at the same time with the four buyers, and also Greater Energy Alliance Corporation Pty Ltd, the owner of Loy Yang A, and its shareholders.
Law firms acting for the purchasers included Blake Dawson Waldron, with a team led by Donald Hacker.
“Infrastructure continues to be a hot area for M&A activity,” commented Damian.
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