Listed gas pipelines owner APA Group has clinched a deal to buy Alinta’s remote power assets in WA’s Pilbara regions, and will ask investors to help bankroll the acquisition.
Listed gas pipelines owner APA Group has clinched a deal to buy Alinta’s remote power assets in WA’s Pilbara regions, and will ask investors to help bankroll the acquisition at its results today.Street Talk understands APA will pay $1.8 billion for the assets, slightly below the previously expected price tag of $2 billion. Its shares were halted shortly after 8am as it prepared the institutional raising and a share purchase plan.
The assets were put up for sale by Alinta’s owner Chow Tai Fook Enterprises via Goldman Sachs earlier this year. Initial deal structure was for the current owner to retain 20 per cent of the assets. However, it quickly morphed into a 100 per cent divestment.
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