Gilbert + Tobin today announced it has been advising Beach Energy Limited on its successful $1.585 billion bid to acquire Lattice Energy Limited, the conventional upstream oil and gas business of Origin Energy Limited.

The acquisition will see Beach Energy acquire all of the issued shares in Lattice Energy and become a leading ASX-listed oil and gas company. The acquisition is subject to approval by the New Zealand Overseas Investment Office and New Zealand Minister of Energy and Resources.

As part of the transaction, Lattice Energy has secured long-term gas and LPG sales arrangements with Origin Energy. The parties will also enter into a transitional services agreement as part of the integration of the Lattice Energy business with Beach Energy.

The deal is being funded by a combination of $1.575 billion in new senior secured syndicated debt facilities and a $301 million accelerated non-renounceable entitlement offer underwritten by Credit Suisse, Goldman Sachs and UBS.

Beach Energy’s successful bid is the culmination of a competitive sale process, run concurrently with an IPO process by Origin Energy. Co-lead Corporate Advisory and Energy and Resources partner Christopher Flynn said:

“We are thrilled to be advising Beach Energy on this significant transaction. The acquisition of Lattice Energy is an important step in Beach Energy’s strategy to take its place as a premier regional gas producer and supplier with prime upstream oil and gas assets across the major producing and exploration basins in Australia and New Zealand.”

The complex and multi-faceted transaction was coordinated across Gilbert + Tobin’s market-leading corporate advisory, energy and resources and banking and finance practices. The G+T transaction team was led by partners Peter Cook and Chris Flynn, assisted by lawyers Tim Kennedy, Lester Lim Kok, Shelley Burger, Christopher Marchesi, Henry Cornwell and graduate Denitsa Vasileva. The transaction team was also assisted by TMT partner Michael Caplan, competition and regulatory partner Simon Muys, native title partner Marshall McKenna, special counsel Albert Yuen and lawyer Rohan Westbury, as well as G+T’s tax, environment, litigation and disputes, employment and property groups.

The G+T team advising on the equity capital raising for the transaction is led by partners Peter Cook and Adam D’Andreti, assisted by lawyers Kevin Ko and Lily Zhang. The G+T team advising on the debt financing for the transaction is led by partners Simon Lynch and Adela Smith, assisted by lawyers Melissa Ramsay and Corrie Eames.

Chapman Tripp advised on the New Zealand legal aspects of the transaction.

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