King & Wood Mallesons (KWM) have advised Brookfield on the sale of its interest in Quadrant Energy (Quadrant) to Santos Limited.
Santos has agreed to acquire 100% of the Australian based oil and gas business from a consortium of investors including Brookfield, Macquarie and Wesfarmers for $US 2.15 billion, with the acquisition being fully funded from existing cash resources and a $US 1.2 billion new committed debt facility.
The deal also includes a contingent payment in relation to the recent significant Dorado-1 oil discovery, and a royalty over all other future hydrocarbons produced in Quadrant's Bedout Basin tenements.
The KWM team was led by Partner Adrian Perkins.
Commenting on the deal Adrian said: "We are delighted to have supported Brookfield through its full investment cycle in such a high quality asset like Quadrant."
Brookfield and its institutional partners currently have a 48.3 % hold in Quadrant Energy.
The sale is subject to certain consents and approvals including from the Australian Competition and Consumer Commission and is expected to settle later this year.