Melbourne, 7 July 2017: Clayton Utz is advising GFG Alliance, which entered into a binding agreement on Wednesday to acquire Arrium, an integrated Australian steel and mining business, out of administration.
Under the agreement GFG Alliance will acquire Arrium's steel and steel-related businesses, including various businesses trading under the OneSteel brand, Whyalla Port and Rail, and the Whyalla Steelworks - one of South Australia's largest employers.
Clayton Utz partners Paul James, Brendan Groves, and Nick Poole are leading our core team, which includes senior associates Warrick Louey and Anthony Burke and lawyer Craig McDermaid.
Subject to creditor and FIRB approval, the transaction is expected to complete by the end of August.
GFG Alliance is an international industrial, energy, natural resources and financial services group, founded and owned by the British Gupta Family. GFG Alliance has acquired or turned around several businesses in the UK, and comprises the Liberty House Group (steel, aluminum and engineering), the SIMEC Group (energy, infrastructure and resources), GFG Estates and Wyelands (banking, capital and advisory).
The Arrium acquisition is a milestone transaction for GFG Alliance, establishing its presence as a leading participant in Australia's steel industry. Clayton Utz is delighted to be advising GFG Alliance on a transaction of such great significance for the future of the Australian steel industry and the people of Whyalla, South Australia.