King & Wood Mallesons has acted on Santos Limited’s $3.5bn capital raising, advising on three distinct initiatives; a new equity raising, private placement and sale stake.

Partner Shannon Finch and her team advised the joint lead managers Citigroup Global Markets Australia Pty Limited, Deutsche Bank AG, Sydney Branch and UBS AG, Australia Branch on a $2.5bn pro rata accelerated renounceable entitlement offer (with retail rights trading) (PAITREO) of new ordinary shares to existing shareholders.

Partner Shaun McRobert also led a team of lawyers across Perth, Singapore and China advising an affiliate of China-based international private equity firm, Hony Capital on their significant $500m investment in Santos via a private placement.

Finally, partner Rob Edel and special counsel Ian Gordon led a team across Perth and Melbourne advising Mitsui E&P Australia on its purchase of a 35 per cent stake in the Kipper gas field for $520m.

The transactions bring together KWM’s expertise across M&A, private equity and resources along with significant experience of facilitating Chinese investment into Australia.