Ashurst has advised Downer EDI Limited (Downer) in an unconditional agreement to acquire 100% of the shares in Tenix Holdings Australia Pty Ltd for $300 million on a cash and debt free basis.

Tenix is a leading provider of long term operations and maintenance services to owners of electricity, gas, water, wastewater, industrial and resources assets in Australia and New Zealand.  It also has smaller operations in PNG and the Pacific Islands.

The acquisition agreement, announced on 20 October 2014, was supported by warranty and indemnity insurance.

The Ashurst team was led by partner Mark Stanbridge, assisted by special counsel Rupert Nolan, senior associates Sophie Macintosh and Ben Langford, lawyers Genovieve Lajeunesse and Hetty Downer, and graduate Andrew Johnston (Corporate); partners Vivian Chang and Barbara Phair, consultant Ian Fullerton, senior associate Elke Scevak and lawyer Sophia Kwok (Tax); partner Anita Cade and senior associate Elizabeth Ireland (IP); partner Bill Reid and senior associate Angela Lin (Competition); partner Will Coulthard and lawyers Chris Harrison, Katie Brennan, Tessa Donovan (Construction); partner Graeme Tucker, senior associate Douglas Fung and lawyer Nicky Thiyavutikan (Banking); partners Andrea Rezos and Andrew Deane (Property); with senior associates Karen Dwyer and Nada Maltaric, and lawyers Nick Perkins and Tanvi Mehta (TMT).