Corrs Chambers Westgarth and Baker McKenzie have advised on OceanaGold’s proposed acquisition of exploration and development company Ausgold for AUD776 million (USD552 million).
The transaction will be implemented under a definitive scheme implementation deed and would bring Ausgold’s Katanning Gold Project in Western Australia into OceanaGold’s portfolio. OceanaGold has operating and development assets in the Philippines, US and New Zealand.
Corrs Chambers Westgarth said Ausgold shareholders would receive OceanaGold shares, with the option to choose a cash alternative from a capped cash pool. Baker McKenzie said the cash pool was capped at AUD194 million. Depending on the cash elections, Ausgold shareholders are expected to hold about 6% to 8% of the combined group following completion.
Corrs Chambers Westgarth advised OceanaGold, with partner Russell Philip and counsel Jonathan Dos Santos leading the team.
“Corrs advised OceanaGold on transaction structuring issues, including FIRB (Foreign Investment Review Board) and ACCC (Australian Competition and Consumer Commission) approval requirements,” Philip told Asia Business Law Journal.
Baker McKenzie represented Ausgold, with partners Richard Lustig and Rick Troiano heading the team. Special counsel Adrienne de Bruyn, associate Addison Naylor and law graduate Brandon Botting also advised on the deal.
OceanaGold said it had agreed to extend a AUD20 million bridge loan to Ausgold in November 2026 to support ordinary course expenditure before the transaction was expected to closed.
