Gas infrastructure operator APA Group entered into a deal to acquire electricity networks Alinta Energy Pty. Ltd. in the mining center of Australia in the amount of $1.1 billion, including debt.
APA plans to raise A$675m of new capital to finance the deal through an institutional placement.
The expansion of the APA is a big step in a time of change for energy providers. The deal adds APA's power infrastructure-saturated portfolio as pressure to divert Australia's power grids from rising fossil fuel inventories.
APA Group is an Australian company that owns and manages natural gas and electricity assets. It is Australia's largest natural gas infrastructure business.