DLA Phillips Fox advises REST Superannuation Fund on SEA Gas pipeline purchase

DLA Phillips Fox has advised Retail Employees Superannuation Pty Ltd, as trustee for the Retail Employees Superannuation Trust (REST), on its acquisition of a one-third partnership interest in the SEA Gas Pipeline System, as part of the recent sale by TRUenergy of its share in SEA Gas.

The SEA Gas Pipeline System is a high pressure natural gas transmission pipeline between Iona in Victoria and Adelaide. Currently over 50% of Adelaide’s natural gas energy needs are supplied by SEA Gas.

DLA Phillips Fox carried out legal due diligence and negotiated the share purchase agreement. 

DLA Phillips Fox partner Dr Gerry Bean led the deal team which also comprised Partners Monique Stella (Banking and Finance), John Goulios (Insurance) and Rick Catanzaritti (Employment), Senior Associates Andrew Crean, Johnny Short and Karina Shpigel, and Solicitors Van Do and Paul Lamb.

Dr Bean said that: "It was interesting negotiating a purchase of a gas pipeline interest while the WA gas crisis unfolded after the explosion at the Varanus Island Gas hub".

Accordingly, the team drew upon the expertise of a diverse range of practice groups to complete the task. "This transaction required consideration of a wide-range of issues, so we had the usual culprits of banking and finance and native title involved along with the corporate team, but also we needed liability and insurance issues to be covered off by John Goulios and his team," Dr Bean said.

REST Superannuation is a public superannuation fund, managing more than $14 billion of funds.

For further information please contact:

Clare Buttner
Media Relations Consultant, DLA Phillips Fox
Direct Tel: +61 2 9286 8400
Mobile: 0415 932 936
Email: clare.buttner@dlaphillipsfox.com