Another buyer has emerged with a larger offer for energy infrastructure owner
King & Wood Mallesons (KWM) is the law firm powering the newest bid for ASX-listed Pacific Energy.
The top firm is acting for the consortium formed by Canadian pension fund investor, OPTrust, and Australian fund manager, Infrastructure Capital Group, in their bid of $1.085 per share of Pacific Energy.
The total offer price of $470m puts an 11.3% premium on the earlier $0.975 per share offer made by fund manager QIC Private Capital. DLA Piper earlier confirmed its role advising Pacific Energy on the earlier bid.
The KWM team acting on the transaction was led by partners Heath Lewis and David Friedlander and senior associate Caitlin Sharp. Support is also provided by partners Alex Elser and Will Stawell, senior associate Zoe Anderson, associate Emma Warner, and solicitor Gemma McMahon.
“The firm has acted extensively for OPTrust on a number of strategic and significant acquisitions, including in the last year on its minority buyout of SkyBus and its acquisition of Transport Australia Group,” Lewis said. “On this occasion, we are very pleased to have been able to work with OPTrust and Infrastructure Capital Group to help them achieve their objectives and bring their bid to fruition and to have assisted with providing Pacific Energy and its shareholders with an attractive alternative.”
