We advised leading Asia Pacific utility Singapore Power on its acquisition of TXU Corp's entire Australian operations. The deal is the largest energy transaction ever undertaken in Australia.

TXU's Australian assets comprised an electricity merchant trading business with over 1 million customers, electricity and natural gas distribution networks in Victoria, the country's first commercial underground natural gas storage facility, and a large generating plant in South Australia.

The US$3.75 billion (A$5.1 billion) acquisition – negotiated and documented over an extremely tight three week period – was funded by a combination of debt and equity and required Australian Competition & Consumer Commission approval. It adds to Singapore Power's existing assets in Australia and, on completion, sees Singapore Power's Australian operations valued in excess of A$7.5 billion.

Our team provided full service advice on the deal, including corporate, finance, tax, structuring, and due diligence (legal and tax). To meet the tight schedule, a 90-strong team was pulled together from the firm's offices in Melbourne, Adelaide and Brisbane.

The sale of the Australian assets was the largest of a series of transactions totalling approximately US$8 billion by TXU Corp, which also includes the sale of TXU Fuel, the intended sale of TXU Gas and the repurchase of TXU Energy’s Exchangeable Preferred Membership Interests.