K&L Gates advises sale of “significant interest” in leading drilling contractor to global investment

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A leading drilling contractor to the Australian mineral and mining sector has sold significant interest to global investment firm Oaktree Capital, through the help of K&L Gates.

The global law firm’s team was led by corporate and transactional partner Nick Humphrey, with the aid of special counsel Gordon McCann and senior associate Naomi Saba. They advised the vendors on all legal aspects relating to the sale.

“This is the first time Oaktree Capital has undertaken a pure private equity transaction in Australia and demonstrates the increasing appetite of global funds to invest in Australian assets,” Humphrey said.

As this was as the first non-distressed drilling transaction for many years, the deal reflects an increased interest into the mining services industry that the firm is seeing from both domestic and foreign investors, McCann said.

The deal follows several transactions that the firm’s Australian corporate and transactional team have acted on. Last June, it advised Moelis Australia on an agreement to acquire Redcape Hotel Group, valued at $677m. It also advised ASX-listed fund manager Hunter Hall International on its $3bn merger with fund manager Pengana Holdings.

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