Global law firm DLA Piper has advised Spanish utility giant Iberdrola on its AUD893 million takeover of Infigen Energy (ASX:IFN).
This acquisition allows Iberdrola to establish a beachhead in Australia via acquiring one of the country’s most significant renewable energy companies, strongly complementing its Port Augusta hybrid farm project approved in January 2020, and positioning it to participate in the significant expected growth in the Australian renewable market.
DLA Piper’s cross-border, cross-practice team was led by Inigo Gomez-Jordana in Spain and James Stewart in Australia, supported by partners Tom Fotheringham and Lyndon Masters, as well as special counsel Roger Hawkins and solicitor Tarrant Sewell.
The DLA Piper team was able to support Iberdrola through the complexities of the Foreign Investment Review Board approval process, recently amended due to the COVID-19 disruption, and expedited an approval within weeks.
Inigo Gomez-Jordana and James Stewart noted: “We are delighted that our client Iberdrola has successfully completed the takeover of Infigen Energy. Our team was perfectly placed to advise our client on this cross-border transaction, particularly relating to strategies to address a competing bidder and obtaining Foreign Investment Review Board approval. This is a fantastic result for Iberdrola, and we are excited to see them expand into the Australian market.”