Media Release: Clayton Utz advises DDH1 Limited on transformative merger with Perenti Limited
A Clayton Utz team is advising leading drilling services company DDH1 Limited (DDH1) on its proposed merger with ASX-listed Perenti Limited (ASX: PRN) by way of scheme of arrangement — creating Australia's second largest mining services company. The transaction was announced to the market on 26 June and values DDH1 at around $400 million.
Perth-based Corporate partner Liz Humphry and senior associate Georgia Mazzega are leading our team, with key support from lawyers Tess Dillon, Madeleine Drewe and Sally Gilfillan.
The combined businesses will have a market valued estimated at around $1.3 billion, with a global presence in comprehensive drilling services, contract mining, technology solutions and other mining services.
Under the scheme, DDH1 shareholders will receive $0.1238 cash plus 0.7111 Perenti shares for each DDH1 share, and the ability to elect maximum scrip or maximum cash alternatives (subject to scale back based on a total cash pool of $50 million). The scheme is subject to various conditions as well as shareholder approval in the first quarter of FY24.
Commenting on our role, Liz said:
We congratulate DDH1 on this transformative deal, which reflects its solid fundamentals and strong growth potential. We're really pleased to have had the opportunity to work with their team, and the team at Moelis.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.