King & Wood Mallesons (KWM) has advised AGL Energy Limited (AGL) on its acquisition of 100 per cent of Perth Energy, Western Australia’s third biggest electricity retailer, for up to $93 million.
Perth Energy retails electricity and gas to business customers in WA and also owns and operates a 120 MW gas-fired peaking power station in Kwinana.
Prior to the acquisition, Perth Energy was 80 per cent owned by Infratil, a New Zealand-listed infrastructure fund, with the remaining 20 per cent belonging to Hoperidge Enterprises and other minority shareholders.
The KWM team advising on the deal was led by Perth-based partner, Tim Edwards, with support from solicitor Lucius Moser. Partner, Richard Snowden and special counsel, Judith Taylor, advised AGL in relation to the tax aspects of the transaction.
Commenting on the transaction, Tim said: “We are pleased to have advised AGL on the strategic acquisition of Perth Energy, which will see AGL increase its already growing presence in the Western Australian market. We look forward to working with AGL towards completion of the transaction.”
The acquisition of Perth Energy is expected to complete in September 2019, subject to the satisfaction of a limited number of conditions precedent.