Allens Arthur Robinson and Mallesons Stephen Jacques have advised on the sale of Leighton Holdings Limited's assets, which provide iron-ore contract mining services to BHP Billiton in Western Australia.
Allens acted for Leighton Holdings and its wholly-owned subsidiary Leighton Contractors (together, Leighton) on the sale of its Pilbara-based mining contracting businesses.
The businesses comprise mining equipment, people and related assets that service operations which collectively account for around 70 per cent of BHP Billiton's iron-ore mining in WA, represent about $1.1 billion of annual revenue and $1.4 billion worth of work in hand for Leighton.
The sale was secured via a simultaneous signing and completion on 30 September, with a sale price of approximately $705 million.
Sydney partner Andrew Finch, who led the Allens team that managed the matter's electronic data room and transaction documents, said the sale involved BHP "internalising" mining operations from Leighton.
"A cooperative deal was highly desirable for both parties because of the very large workforce moving to BHP as part of the sale, and having regard to the fact that BHP is Leighton's largest contract mining customer," said Finch.
Finch was supported by Perth partner Andrew Pascoe, Sydney senior associates Alex Borda and Matthew Ireland and Perth lawyers Roisin McCourt and Scott Ivey.
Partner Paul Lingard led the Mallesons team acting for BHP alongside contributing partners Alan Murray, David Perks and Phil Willox.