Clifford Chance on Apache's $2.1B Australian Divestment
Four months after the Houston-based oil and gas giant sold two offshore assets to Woodside Petroleum for $2.8 billion, Apache has turned again to the Magic Circle firm to unload its entire Australian division.
April 09, 2015 at 07:25 PM
2 minute read
Clifford Chance and Australia's Corrs Chambers Westgarth are advising on the sale of U.S. oil and gas giant Apache Corp.'s Australian division for $2.1 billion.
Australian investment bank Macquarie Capital Group Ltd. and Toronto-based Brookfield Asset Management Inc. have teamed up to buy Apache Energy Ltd., the Houston-based company's offshore exploration and production business in Australia. The sale marks Apache's exit from the business in Australia, however the company will retain its 49 percent ownership in Perth-based fertilizer producer Yara Pilbara Holdings Pty. Ltd. The deal is expected to close in mid-2015.
In a statement, Apache chief executive John Christmann said the disposal was part of the company's strategy to shift its focus away from offshore assets held overseas. “Following the sale of our Australian assets, approximately 70 percent of Apache's production will come from North America onshore,” he said.
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