Gilbert + Tobin has advised Infigen Energy (Infigen) in relation to the successful recommended takeover by Iberdrola, S.A.
The recommended bid from Spanish utility conglomerate Iberdrola, S.A. ultimately saw it acquire over 97% of the Infigen securities by the close of its offer period today, securing control over rival bidder, UAC Energy, a company controlled by the Ayala Group based in the Philippines.
The Iberdrola offer valued Infigen at approximately $1.33 billion (enterprise value) based on the final offer price. The successful close of the offer follows a contested takeover period, where the rival bidders engaged in a series of counteroffers. UAC Energy ultimately sold its 19.99% stake by accepting into the Iberdrola offer.
G+T’s market-leading M&A/Corporate Advisory team advised on all aspects of the transaction. The G+T team was led by Corporate Advisory partners John Williamson-Noble and Tim Gordon with support from lawyers Mary Brady, Chris Morse, David Konstantopoulos and Thomas Kannan. The takeover was awarded Energy, Mining & Utilities M&A Deal of the Year at the Mergermarket Australia M&A Awards 2020.
John Williamson-Noble said “We are delighted to have assisted Infigen on this significant corporate transaction. The success of the Iberdrola bid and interest shown by the bidders is evidence of the quality of Infigen’s business and the expertise and foresight of the Infigen Board and management.”
Tim Gordon said “This was a high-stakes, bet-the-farm deal that was successfully executed during a very challenging period. We are thrilled to have played a part in delivering for Infigen’s securityholders and assisting in the next chapter of Infigen’s growth as it builds a clean energy utility of the future.”
Gilbert + Tobin’s market-leading M&A/Corporate Advisory team regularly advises on many of Australia’s largest and most innovative transactions, including advising AB InBev on the $16 billion sale of Carlton & United Breweries to Asahi (the largest M&A transaction last year), KKR’s proposed acquisition of a majority interest in Colonial First State, GrainCorp on its successful defence of the $3.3 billion approach by Long-Term Asset Partners and its subsequent ASX demerger of United Malt and Tilt Renewables on the $1.073 billion sale of the 270 MW Snowtown 2 wind farm (Australia’s 2nd largest windfarm).