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BDW assists Alinta’s asset acquisition

BDW assists Alinta’s asset acquisition

More than 50 lawyers from Blake Dawson Waldron advised Alinta Ltd on its $1.69 billion acquisition of a portfolio of assets from Duke Energy Corporation, announced last week.In Australia, Alinta…

More than 50 lawyers from Blake Dawson Waldron advised Alinta Ltd on its $1.69 billion acquisition of a portfolio of assets from Duke Energy Corporation, announced last week.

In Australia, Alinta has agreed to buy three gas pipelines and three gas-fired power stations as well as one gas-fired power station in NZ.

Alinta was the successful bidder after Duke Energy conducted a trade sale process, with an IPO alternative, for its Australian and NZ assets.

Lead partner in the deal Marie McDonald said an expert knowledge of the energy industry and the ability to execute a complex transaction were essential to a successful legal outcome.

“We were delighted to work with Alinta again on such a significant transaction. The deal followed our work for Alinta last year in the highly complex acquisition of United Energy and Multinet Gas by Alinta and AMP Henderson.”

Alinta said it would fund the purchases through a combination of an underwritten share placement and a rights issue, together with an increase in debt facilities as well as using internal cash reserves.

Once the sale is complete, a restructure of Alinta has been proposed which would convert it from an investment in a single company structure to an investment in a stapled security, comprising a share in Alinta and a unit in the Alinta Infrastructure Trust, which will hold the Duke assets.

Blakes said much of the legal work on the Alinta rights issue prospectus and the development of the restructure proposal had to be conducted in parallel with the bid, and before Alinta knew whether its bid had been successful or not.

The firm’s team included lawyers from Perth, Melbourne, Sydney and Brisbane and, as well as McDonald, included Cam Johnston and Joanne Evans from the finance practice, Roger Davies from capital raising, Paul Newman and Grant Rowlands from property and projects and Barbara Phair from the tax practice.

The acquisition is due to close in late April.

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