Gilbert + Tobin (G+T) is acting for GrainCorp on the sale of its bulk liquid terminals business in Australia to ANZ Terminals.
The deal values the business at about $350m. G+T said that it also advised on a long-term storage agreement that will commence after the sale closes.
The sale, which GrainCorp said frees up capital, is a result of the company’s review of its portfolio. It comes as Long-Term Asset Partners continue due diligence on its planned $3.3bn takeover of GrainCorp.
G+T said that the deal involved partners and lawyers from across six of its industry specialisations. Corporate partner John Williamson-Noble heads the G+T team on the deal. He is supported by lawyers Chris Morse, Jenny Leung and Jack Coles.
Partner Tim Gole and special counsel Melissa Fai, assisted by lawyer Stephanie Essey and consultant Rosalind Moffatt, advised on the long-term storage agreement and other transitional arrangements.
Real estate and property partners Amanda Hempel and Ben Fuller handle property and environmental issues, respectively. They are supported by lawyer Ammara Ijaz.
Competition and regulation partner Elizabeth Avery and lawyer Amelia McKellar also advised GrainCorp. The firm also tapped its banking and infrastructure team, with partner John Schembri and lawyer Erin Cartledge providing support.
The bulk liquid terminals business was part of GrainCorp’s 2012 acquisition of Gardner Smith. Reports say that the company may also divest its bulk liquid terminals business in New Zealand. In Australia, the bulk liquid terminals business operates eight facilities that handle and store fats, oils, fuels, and chemicals.