Recently, a consortium led by the Hong Kong-based Changjiang Infrastructure Group has offered a $9.8 billion acquisition offer to APA, the largest natural gas pipeline company in Australia, and entered the hot natural gas market with a premium of 33%.
APA's assets include gas pipelines and storage facilities, as well as wind and solar farms across Australia. The company’s official website claims that its 15,000 km gas pipeline connects 1.3 million Australian homes and businesses.
APA has agreed to allow the Hong Kong consortium to conduct due diligence.
"The APA board will continue to evaluate this proposal and will provide timely updates to APA's security holders and the market," APA president Michael Fraser said in a statement.
All in all, APA owns, manages and operates a portfolio of assets worth more than A$20 billion.
Any acquisition requires the approval of the Foreign Investment Review Board (FIRB). A consortium of Cheung Kong Infrastructure Group, Changjiang Asset Holding Corporation and Electric Power Asset Holding Corporation stated that it had initiated preliminary negotiations with FIRB.
CKI has already owned Australian assets including electricity supplier Duet Group. The transaction will involve the divestiture of APA's assets to ensure that it is licensed from the Australian competition oversight agency.
Some of the divested assets will include APA’s shares in the Goldfields and Parmelia gas pipelines in Western Australia and the Mondarra gas storage plant.
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