Allens, Gilbert + Tobin on Billion-Dollar Aussie Energy Deal
Sydney-based utility DUET Group is buying clean-energy producer Energy Developments.
July 20, 2015 at 12:22 AM
2 minute read
Australia's Allens and Gilbert + Tobin have the lead roles on Sydney-based utility DUET Group's $1 billion proposal to buy Australian Securities Exchange-listed clean-energy producer Energy Developments Ltd.
Brisbane-based Energy Development operates about 25 power stations across Australia, supplying electricity to mines and towns in remote areas. It also runs about 40 generators powered mainly by landfill gas and waste coal mine gas in Australia, the United Kingdom, the United States and Greece.
DUET has offered to buy all of Energy Developments' shares at $5.90 apiece, representing a 28 percent premium of the company's weighted average price over the past 12 months. The board of Energy Developments has recommended the offer. Major shareholders Greenspark Power Holdings Ltd., Investors Mutual Ltd. and Coopers Investors Pty. Ltd., who jointly own a 85 percent stake, have all agreed to the proposal. The deal is expected to close in October.
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