Adelaide, Australia-based Santos has acquired 100 percent of Perth-based Quadrant Energy for $2.15 billion.
Quadrant Energy holds natural gas and oil production, near- and medium-term development, appraisal and exploration assets across more than 20,000 square miles of acreage, predominantly in the Carnarvon Basin offshore Western Australia. The acquisition includes Quadrant’s 80 percent share of the Dorado oil and gas discovery in the Bedout subbasin offshore Western Australia.
Brookfield Business Partners and its institutional partners hold a 48.3 percent stake in Quadrant, while Macquarie Capital and its partners hold a 21.8 percent. Wesfarmers and AMB Holdings each hold a 13.2 percent stake and Quadrant management holds 3.4 percent.
The sale is subject to certain consents and approvals, including from the Australian Competition and Consumer Commission. The acquisition will have an effective date of Jan. 1, 2018. Completion is expected by the end of the year.
