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Firms cash-in on Queensland gas deal

Firms cash-in on Queensland gas deal

Three top-tier firms and a mid-tier firm combined to help push through a major deal that has helped the Australian gas producer Santos undertake a capital raising and enter joint venture…

Three top-tier firms and a mid-tier firm combined to help push through a major deal that has helped the Australian gas producer Santos undertake a capital raising and enter joint venture agreements with major regional energy producers.

Santos has sold a 15 per cent stake in its Gladstone LNG (GLNG) project in Queensland to the French company Total and South Korean company Kogas for $665 million, and in doing so has formed a GLNG joint venture with those companies and Malaysia's Petronas.

Santos retains a 30 per cent stake in GLNG.

Freehills advised Santos on this transaction, with a heavyweight team including partners Matthew FitzGerald, Sharon Wilson, John Tivey, Tony Damian, Don Robertson, Lucy McCullaugh and Justin Little.

"We have a close long-standing relationship with Santos and are delighted to have assisted Santos in the strategic sale of an interest in the Gladstone LNG project to Total SA and Kogas," Matthew FitzGerald said.

Freehills also acted for Santos to help it raise $500 million to complete the funding of its 30 per cent stake in the CLNG project, with Tony Sparks leading.

Blake Dawson acted for Kogas and Allens Arthur Robinson acted for Total.

Sydney firm Addisons acted for Petronas and Mallesons Stephen Jaques acted for JP Morgan Australia Limited and Morgan Stanley Australia Securities Limited, as the joint lead managers on the capital raising.

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