Camatta Lempens acts on $72.5 million divestment by Gunns Limited

Camatta Lempens Pty Ltd Lawyers has advised ASX-listed company Gunns Limited in Gunns’ divestment of Tasmanian business assets worth $72.5 million.

On 31 May 2010 Gunns sold its hardware store chain to Blue Mountains Hardware Pty Ltd, a subsidiary of Woolworths Limited, for $40 million.

On 31 August 2010 Gunns completed the sale of its Tamar Ridge Estates premium wine brand and associated vineyard and winery assets to major Victorian winemaker Brown Brothers for $32.5 million.

Gunns is Australia's largest timber company. The divestments are part of the company's efforts to shed non-core assets and focus on forestry operations.

The Camatta Lempens team was led by Franco Camatta, with associate John Vozzo assisting. Senior associate Chris Andonas advised on property aspects of both transactions and consultant Michelina Guarna assisted on completion of the hardware division sale.

The Camatta Lempens Mergers & Acquisitions team is presently acting in further M&A activity by Gunns.