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Hunt & Hunt helps Dunlop expand business
Hunt & Hunt has advised Fenner Dunlop Australia (FDA) on a joint venture with Belle Banne Victoria and Leading Edge Conveyor Solutions that will lead to a 100 per cent acquisition capped at…
Lawyers Weekly
Hunt & Hunt has advised Fenner Dunlop Australia (FDA) on a joint venture with Belle Banne Victoria and Leading Edge Conveyor Solutions that will lead to a 100 per cent acquisition capped at $63.95 million.
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Partner Andrew Hudson and lawyers Brendan Sheehan and Dianna Gu worked for FDA through its subsidiary, Fenner Dunlop Conveyor Services, on the transactions that will span some six years.
Fenner will initially acquire a controlling interest of 50.01 per cent and will acquire the balance of the business and assets on the transaction's 6th anniversary.
During the interim period, the parties will conduct businesses through joint venture arrangements.
The joint venture, finalised on 9 November, will reinforce FDA's position as the leading provider of conveyor products and value added services in Australia's buoyant mining sector.
Hunt & Hunt's work included full due diligence, working on issues associated with the structuring of the transaction and drafting the transaction documents.
According to the firm, the matter was complicated by the unique nature of the transactions involving payments of consideration in tranches, the conduct of the joint venture pending final completion and dealing with taxation issues.
"The transactions were complex and challenging, especially tailoring the joint venture contract back-to-back with the agreement to acquire the businesses over time and to meet strict deadlines in both Australian and UK time zones," said Hudson.
David Tunnock, a consultant with Hogan Dodds & Moore Lawyers, also acted on the deal.
