Allens advises DUET Group on proposed $1.4 billion energy acquisition and $1.67 billion capital raising

International law firm Allens has advised energy utility assets operator DUET Group on its proposed $1.4 billion acquisition of Energy Developments Limited and $1.67 billion equity raising to fund the proposed acquisition.

DUET announced on 20 July that it has entered into a scheme implementation deed with Energy Developments to buy 100 per cent of the company's shares by way of a scheme of arrangement.

To fund the proposed acquisition, DUET Group has launched a fully underwritten $1.67 billion capital raising.

Financial close of the deal is expected in October this year, pending the necessary approvals.

The Allens team on the matter was led by Partner Marc Kemp, with support from Partners Stuart McCulloch on (Corporate and Equity Capital Markets), Alan Maxton (Banking & Finance), and Veronica Siow (Workplace Relations).

Partners Kate Axup, Tracey Greenaway, Bill McCredie and Victoria Holthouse assisted on matters surrounding electricity, gas, environment and property.

Marc Kemp said the proposed acquisition is expected to increase DUET's exposure to long-term, contracted energy infrastructure cash flows and provide additional sources of revenue from remote energy, waste coal-mine gas and landfill gas electricity production and supply.

'We are delighted to have worked closely with DUET and its other advisers on this transaction,' Marc aid.

'DUET is an important client of the firm, and it has been our pleasure to work closely with a fantastic team at DUET, and to play a role in DUET's evolution over the last few years from an externally-managed utilities fund to a stand-alone owner and operator of utilities assets.'

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