Gilbert + Tobin have advised Beach Energy Limited (Beach Energy) on the successful completion and financial close of its $1.585 billion acquisition of Lattice Energy Limited (Lattice Energy) from Origin Energy Limited. Lattice Energy holds interests in conventional upstream oil and gas assets across Australia and New Zealand, including in the Otway, BassGas, Halladale Speculant and Black Watch, Kupe, Waitsia, Beharra Springs and Cooper Basin gas projects.

Completion and financial close of the transaction occurred on 31 January 2018.

Beach Energy’s acquisition of Lattice Energy was funded in part by $1.475 billion in new senior secured syndicated debt facilities and a $301 million underwritten accelerated non-renounceable entitlement offer.

As part of the transaction, Lattice Energy have entered into long-term gas sale agreements with Origin Energy, and a transitional services agreement as part of the integration of the Lattice Energy business with Beach Energy.

Co-lead partner and head of Gilbert + Tobin’s Energy + Resources group, Christopher Flynn, said:

“It has been fantastic to help Beach on this landmark and transformational transaction across the firm. Congratulations to all the Beach team on closing such a significant, complex and market shaping deal. We look forward to continuing to work with Beach Energy on the integration of the Lattice Energy business and its operations as a premier Australian-based gas producer and supplier.”

The Gilbert + Tobin transaction team was led by partners Peter Cook and Christopher Flynn.

• Partner Christopher Flynn and lawyers Tim Kennedy, Lester Lim Kok, Shelley Burger, Christopher Marchesi, Denitsa Vasileva and Henry Cornwell, advised Beach Energy in respect of the acquisition and offtake arrangements.
• Banking + Infrastructure partners Simon Lynch and Adela Smith, and lawyer Melissa Ramsay, advised Beach Energy in respect of the debt financing for the transaction.
• Corporate Advisory partners Peter Cook and Adam D’Andreti, and lawyers Kevin Ko and Lily Zhang, advised Beach Energy on the equity capital raising for the transaction.
• TMT partner Michael Caplan, special counsel Albert Yuen and lawyer Rohan Westbury advised Beach Energy in respect of the transitional services arrangements.

Josh Blackmore and Mark Reese of Chapman Tripp advised Beach Energy on New Zealand law matters for the acquisition and debt financing respectively.