Australia: APA Group Sells MAPS to QIC Global

APA Group Sells MAPS to QIC Global

APA Group, Australia’s largest natural gas infrastructure business, today announced the sale of the Moomba Adelaide Pipeline System (MAPS) to QIC Global Infrastructure (QIC) for $400.6 million.

MAPS was acquired by APA as part of its acquisition of a controlling interest in Hastings Diversified Utility Fund (HDF) in October 2012. As part of the acquisition, APA made an undertaking to the Australian Consumer and Competition Commission (ACCC) to divest the MAPS asset.

After taking into account stamp duty payable by the buyer, the transaction represents an enterprise value of $423 million for MAPS.

Financial close is expected at the end of April 2013 subject to ACCC approval of QIC as an approved purchaser of MAPS, as agreed in the undertaking. QIC manages diversified global portfolios of infrastructure investments on behalf of superannuation funds and other institutional clients.

MAPS is a 1,184 kilometre pipeline system servicing the South Australian market, with the main line from Moomba to Adelaide and two major laterals to the regional centres of Port Pirie/Whyalla and Angaston. The MAPS assets have been divested as a complete operational business which includes a strong and experienced management team and employees who are responsible for commercial and operations management of the asset.

APA Managing Director Mick McCormack said: “We have been pleased with the strong interest shown by an international field of qualified buyers wanting to buy the asset. MAPS is managed by a high quality team and I’m grateful to them for the support that they have provided to us during the sale process, and I wish them every success in taking the MAPS business forward”.

[mappress]
LNG World News Staff, April 12, 2013; Image: Epic Energy