The Australian Competition and Consumer Commission (ACCC) has approved CK Consortium's proposed AUD13bn (roughly US$9.35bn) acquisition of the domestic gas pipeline operator APA Group. The takeover proposal was submitted by CK Consortium and accepted by APA Group in August 2018.
The CK consortium is based in Hong-Kong and comprises CK Asset Holdings (CKA), Power Assets Holdings (PAH) and CKM Australia Bidco. APA owns stakes in various Australian energy infrastructure companies including SEA Gas Pipeline, SEA Gas Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks. APA controls the gas transportation system on the Australian east coast while the southeastern states are increasingly dependent on supply from Queensland in the north, where CK already owns a gas distribution network. The assets to be sold include the Parmelia Gas Pipeline, the Goldfields Gas Pipeline, the Kalgoorlie to Kambalda Pipeline and the Mondarra gas storage facility.
With this acquisition, CK will become the major player in Australia’s east coast gas pipeline network.
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