The Australian company Origin Energy has agreed to an AUD15.35bn (US$10.2bn) takeover offer from a consortium made up of Canada's Brookfield Renewable Partners and MidOcean Energy, an US LNG company formed and managed by EIG. The consortium will acquire 100% of the Australian company’s shares.
Once the transaction is completed, Origin Energy will be broken up into two businesses. Brookfield will acquire the company’s Energy Markets business, while MidOcean Energy will take control of Origin Energy's integrated gas business, including its upstream gas interests and the 27.5% stake in owns in Australia Pacific LNG (APLNG). MidOcean has also entered into an agreement to on-sell a 2.49% interest in APLNG to ConocoPhillips, which is already a 47.5% owner in APLNG and its current downstream operator. ConocoPhillips will thus own 49.9% of APLNG and become the upstream operator of the company.
Origin and the consortium are targeting implementation of the scheme by early 2024.