$167m deal succeeds with top firm’s help

A component of the deal utilised a novel structure under Australia’s Corporations Act

$167m deal succeeds with top firm’s help

Gilbert + Tobin (G+T) advised Sandfire Resources NL on its acquisition of MOD Resources.

The deal, which valued MOD at $167m, gives Sandfire direct access to MOD’s 11,700-square-kilometre landholding in the copper belt of the Kalahari in Botswana. The  deal completed late last month.

The acquisition also included the parallel acquisition of Metal Tiger, MOD’s minority exploration joint venture partner. That component was executed through what G+T described as an “innovative structure utilising shareholder approval under item 7, s611 of the Corporations Act.” The structure permitted Metal Tiger to participate in the scheme alongside all other shareholders of MOD.

Corporate advisory partner Justin Mannolini, energy and resources partner Phil Edmands, and disputes and investigations special counsel Patrick Tydde led the G+T team. Senior associate Oliver Carrick, lawyers Courtney Libby and Jamie Ammendolea, and graduates Oliver Haslam and Giorgia Fraser supported the deal team.

The team advised on all aspects of the transaction, including the due diligence, commercial negotiations and the court process, and employment for implementation advice, G+T said.

Mannolini said that the transaction shows the diverse skills G+T can bring to bear on complex cross-border acquisitions in the energy and resources sector. Edmands said that the team’s cross-border knowledge allowed it to efficienly navigate regulatory aspects and mining approvals in Botswana. This ensured due diligence inqueries were directed at the most significant issues and that regulatory approvals were sought and obtained in a timely manner, he said.

DLA Piper earlier confirmed its role in the deal, advising MOD in the acquisition.

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