Australia’s leading independent law firm, Corrs Chambers Westgarth has advised PT Bukit Makmur Internasional (BUMA International) on the US$455 million (A$704 million) back-to-back purchase of the Dawson Complex from Peabody Energy (Peabody).
Peabody has successfully bid for Anglo American plc’s remaining steel-making coal assets in Australia following a competitive auction process, subject to the completion of pre-emptive rights processes and other customary conditions. BUMA International has signed a binding agreement with Peabody’s subsidiary, Peabody SMC Pty. Ltd., to acquire a 51% interest in the Dawson Complex for US$455 million (A$704 million). On completion, the acquisition will grant BUMA International a controlling stake in one of Australia’s largest metallurgical coal mines.
Jointly led by Corrs head of banking and finance Adam Stapledon and Corrs partner Anthony Lepere, and supported by partners from the firm’s energy and resources, banking and finance, corporate, commercial litigation, competition, employment and labor, intellectual property, projects and real estate practices, Corrs advised on all aspects of the transaction.
Commenting on the matter, Adam Stapledon said: “We are delighted to have advised BUMA on its back-to-back purchase of the Dawson Complex, reinforcing BUMA’s position in the global metallurgical coal market and solidifying its role as a major industry player.”
Anthony Lepere added: “This transaction highlights Corrs' expertise in advising on complex, cross-border deals, utilising a cross-disciplinary team. We are pleased to have assisted BUMA in achieving this important milestone and we look forward to supporting them through to completion.”