Gilbert + Tobin is pleased to have advised Wesfarmers Limited (Wesfarmers) on its agreement to acquire a 13.7 per cent interest in Quadrant Energy Holdings Pty Ltd (Quadrant Energy).
Brookfield Asset Management Inc and Macquarie Capital recently acquired Apache Corporation’s domestic oil and gas assets in Western Australia for US$2.1 billion, each holding an initial 50% interest in Quadrant Energy.
Wesfarmers has invested US$100 million to acquire a 27.4 per cent interest in a special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7 per cent interest in Quadrant Energy.
Partner Justin Little and Special Counsel Mindy Bonomelli led the Perth-based team advising Wesfarmers on the acquisition.
Justin Little commented, “We are delighted to have advised Wesfarmers on this significant transaction. It is particularly rewarding to have worked with one of Australia’s largest listed companies on its first investment in the upstream oil and gas sector.”