ATCO Completes Acquisition Of Western Australia Gas Networks

ATCO successfully completed its acquisition of the western Australia-based WA Gas Networks (WAGN) from WestNet Infrastructure Group. WAGN is a natural gas distribution utility that serves more than 620,000 customers through 12,800 km of natural gas pipelines and associated infrastructure in the Perth metropolitan area and surrounding regions.

The transactions involved the acquisition by ATCO of 100 per cent of WAGN through two separate acquisitions. The first was a purchase of a 74.1 per cent interest in WAGN from WestNet Infrastructure Group through its subsidiary AET&D Holdings No 1 Ltd. The second was the purchase of the remaining 25.9 per cent interest in WAGN from ASX-listed DUET Group.

Also included in the transaction was the acquisition by ATCO of WestNet Infrastructure Group's information technology division, a supplier of information technology services to key utility companies.

The aggregate purchase price of the acquisition was approximately A$1 billion, including the assumption of approxi-mately A$644 million of debt.

ATCO was represented by its Canadian counsel Bennett Jones LLP with a team led by David Macaulay, Stephen Sibold, QC, William Osler, Stephen Burns, Luke Morrison and Richard Stone as well as local Australian counsel Richard McMullan, Michael Dulaney, Martin Lovell and Melissa Owen of Johnson Winter & Slattery.

WestNet Infrastructure Group was represented by a team led by Simon Reed and Marc Dornbierer of Freehills and DUET was represented by its general counsel, Leanne Pickering, as well as Marc Kemp and Lisa Bau of Allens Arthur Robinson.