HWLE has advised Ridley Corporation Limited (ASX:RIC) (Ridley) on its $375 million acquisition of the Incitec Pivot fertiliser distribution business from ASX-listed Dyno Nobel Limited.

The acquisition completed at the end of September 2025 and establishes a significant new growth pillar for Ridley and strengthens its position as a leading diversified Australian agricultural services company.

The acquisition was funded through a combination of new debt facilities, as well as a $125 million equity raising via a $90 million non-renounceable entitlement offer and a fully underwritten $35 million institutional placement and the issue of $50 million of vendor notes. HWLE has also advised Ridley on the capital raising aspects of the transaction.

The HWLE M&A team was led by Jeremy McCarthy (Partner) and Paul Lewis (Special Counsel), with ECM support from Sam Dwyer (Partner), Nick Sitch (Senior Associate), Yi Tung (Associate), Jefferson Nguon (Associate), Jack England (Solicitor) and Michael Miles (Solicitor). Banking support was provided by Peter Kay (Partner), Mun Lai Lim (Special Counsel) and Matthew Deetlefs (Associate). The Technology and Intellectual Property team was led by Matthew Craven (Partner) and supported by Tim Lee (Special Counsel). Property advice was provided by Jennifer Barrett (Partner), Michael Diston (Special Counsel), Jacqueline Catalano (Associate) and Sam Bongiorno (Associate). Chris Egan (Partner) and Dustin Grant (Senior Associate) provided employment advice. Adeline Hiew (Partner) provided advice on superannuation matters.

Commenting on the deal, Jeremy McCarthy said:

“We are delighted to have supported Ridley on this landmark transaction, which represents a strategic milestone for its business. It was a pleasure working closely with the Ridley team to help deliver this transformational acquisition.”

Note to Editors:

HWLE is the largest legal partnership in Australia according to the most recent partnership surveys published by the Australian Financial Review.

The firm comprises 1,813, staff including 287 Partners, 1,122 other legal staff and 404 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (Northwest Sydney), Perth and Sydney.

HWLE is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.

HWLE operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.

For further information, please contact:

Russell Mailler, Chief Executive Partner (03) 8644 3569 or rmailler@hwle.com.au

Angelique Kear, Head of Marketing (02) 9334 8541 or akear@hwle.com.au