$2.2bn energy deal inked with help from two leading firms

The complex deal was executed in under a tight time frame

$2.2bn energy deal inked with help from two leading firms

Two firms have confirmed that their dealmakers helped ink the recent billion-dollar deal between Santos and ConocoPhillips.

Clayton Utz is advising ConocoPhillips, while Greenwoods & Herbert Smith Freehills (Greenwoods) is working alongside co-adviser EY for Santos, which is acquiring the northern Australian businesses of ConocoPhillips for $2.2bn.

The Clayton Utz team is headed by corporate and partner and energy and resources specialist Emma Covacevich. The team worked alongside ConocoPhillips’ legal, tax, and commercial teams for more than six months on all aspects of the strategic sale process, Clayton Utz said.

“We enjoyed the challenge of being able to bring our team's expertise across a whole range of areas - in this case, tax, intellectual property, corporate, competition, and oil and gas – to navigate often complex issues and achieve a great outcome for our client,” Covacevich said.

The Greenwoods team is headed by directors Nick Heggart and Cameron Blackwood. The team’s tax advisory advice includes income tax, petroleum resource rent tax, and stamp duty. Blackwoods said that the complex deal was executed under a tight time frame.

The subsidiaries being sold hold ConocoPhillips’ 37.5% interest in the Barossa project and Caldita Field, its 56.9% interest in Darwin LNG and Bayu-Undan Field, its 40% interest in the Poseidon Field, and its 50% stake in the Athena Field. ConocoPhillips will retain its 37.5% stake in the Australia Pacific LNG project.

The deal will retrospectively take effect from 1 January, Clayton Utz said. Pending regulatory approval, the acquisition is expected to be completed in the first quarter of 2020.

Allens, Clayton Utz, Gilbert + Tobin, Herbert Smith Freehills, and King & Wood Mallesons also acted in last year’s $2.9bn acquisition of Quadrant Energy by Santos.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

HSF managing partner embraces innovation and technology in a COVID-19 world

Carter Newell strengthens insurance team with new special counsel

US BigLaw firm cuts associates despite government loan

Deadline closing in for In-House Leaders 2020

Women dominate 2020 promotions at Cooper Grace Ward

HFW and KPMG ally to offer legal assistance to COVID-19-hit businesses

Most Read Articles

Service to others is ‘a way of life’ for Maurice Blackburn principal

New managing partner celebrates first day on the job at Carroll & O'Dea Lawyers

Clayton Utz rings in new financial year with new deputy chief executive partners

$65m equity raising for ASX-listed tech company sees completion with K&L Gates’s help