APA Group, one of Australia’s top gas pipeline operators, has accepted an all-cash A$13 billion ($9.44 billion) takeover bid made by a consortium led by Hong Kong–based CK Infrastructure.
The transaction is expected to close by the end of the year but is awaiting regulatory approval for the acquisition from the Foreign Investment Review Board and the Australian Competition and Consumer Commission.
The consortium includes CK Asset Holdings and Power Assets Holdings.
APA’s $20 billion portfolio consists of gas pipelines, power plants and wind farms, which include the pipeline from the Moomba gas fields in central Australia to Sydney and the South West Queensland line.
The deal would be the second-biggest transaction in the country’s history including debt, following the A$21 billion ($15.8 billion) Westfield, Unibail-Rodamco.
