Baker & McKenzie Advises Infratil on the Sale of its Energy Developments Stake for A$140 Million
Deal Announcement
January 12, 2010
Sydney, Australia, 12 January 2010 – Baker & McKenzie has advised one of New Zealand's largest companies, Infratil Limited on its successful exit as the largest shareholder in Australian clean energy company, Energy Developments Limited for A$140 million. Infratil sold its 32% stake in Energy Developments into the takeover offer by Greenspark Power Holding Ltd which went unconditional on 8 January. Greenspark is an investee company of Pacific Equity Partners.
Infratil was advised by Baker & McKenzie M&A Partner Ben McLaughlin. The work also involved advising Infratil on its pre-bid acceptance agreement with Greenspark and prior negotiations with other interested parties.
Speaking about the transaction, Partner Ben McLaughlin said, "We were delighted to conclude this divestment for our client. We have been providing strategic M&A legal advice to Infratil on its options for some time, and it is rewarding to see this come to a successful conclusion for Infratil. We congratulate the Infratil team."