King & Wood Mallesons (KWM) is acting for a consortium comprising Canadian pension fund investor, OPTrust and Australian infrastructure investor, Infrastructure Capital Group on its bid for energy infrastructure company, Pacific Energy.
The proposal from the OPTrust consortium was announced earlier today and values Pacific Energy at $1.085 per share, with a total offer price of $470 million. It is the second bid made for Pacific Energy since July.
The KWM team acting on the transaction was led by partners Heath Lewis and David Friedlander and senior associate Caitlin Sharp. Support was also provided by Alex Elser, Will Stawell, Gemma McMahon, Zoe Anderson and Emma Warner.
Commenting on the transaction, Heath said: “The firm has acted extensively for OPTrust on a number of strategic and significant acquisitions, including in the last year on its minority buyout of SkyBus and its acquisition of Transport Australia Group. On this occasion, we are very pleased to have been able to work with OPTrust and Infrastructure Capital Group to help them achieve their objectives and bring their bid to fruition and to have assisted with providing Pacific Energy and its shareholders with an attractive alternative.”