The highly competitive dual-track process for Arrium Limited which is in administration culminated in funds advised by American Industrial Partners acquiring Moly-Cop for an enterprise value of US$1.23 billion (about $1.6 billion.
The multi-faceted, cross-border transaction– with concurrently run IPO and trade sale processes – was coordinated across teams of lawyers drawn from G+T’s corporate advisory practice.
The Gilbert + Tobin trade sale transaction team was led by partners David Clee and Hiroshi Narushima, in conjunction with Special Counsel Elizabeth Hill, and assisted by lawyers Tim Kennedy, Wendy Hsu, Catrina Yu, Mack Wan, Laura Bacon, Evan Jones and Melissa Baxter.
Partner Dominic Emmett and lawyers David Kirkland and Jessica Kim led the Gilbert + Tobin team advising on the financier consent process and the implications of running the dual track process out of a group in administration.
The Gilbert + Tobin IPO process team was led by partners Peter Cook and Adam D’Andreti, and assisted by lawyers Kathryn O’Brien, Madeleine Brett-Williams, Olivia Blakiston, Laura Bacon and Clare Harris. Partner Simon Lynch and lawyers David Kirkland and Jessica Kim led the Gilbert + Tobin team advising on the debt financing.
“It is a great achievement for both streams of a dual-track process to run right to the wire and to attract such strong market support. Achieving an outcome of this kind requires a high degree of coordination and dedication from all transaction participants and our team worked together to provide seamless support to Moly-Cop and KordaMentha and the team of advisors. We are pleased to have played our part in achieving a favourable outcome for all stakeholders,” Cook said.
“The Moly-Cop sale is the largest and most complex sale out of administration since the collapse of Ansett. We are grateful to KordaMentha for their support and we look forward to working with them and the Moly-Cop team to bring the transaction to a successful conclusion in the coming period,” Narushima and Clee added.
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Gilbert + Tobin advised Scott Kershaw, Amrit Bahra and Ryan Rabbitt from KordaMentha which advised in the dual-track IPO and trade sale process of Arrium Limited’s mining consumables business Moly-Cop.