Australia-based APA Group has announced the divestment of its Moomba Adelaide Pipeline System (MAPS) to QIC Global Infrastructure (QIC) for $400.6m.
APA acquired MAPS in October 2012, as part of its acquisition of a controlling interest in Hastings diversified utility fund (HDF). The latest transaction includes a total enterprise value of $423m, after considering the stamp duty payable by the buyer.
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MAPS is a 1,184km pipeline system with a main line from Moomba to Adelaide, plus two other major laterals to the regional centres of Port Pirie / Whyalla and Angaston.
It is a major pipeline system servicing the South Australian market.
APA Group managing director Mick McCormack said the company was impressed with the interest shown by global qualified buyers 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," McCormack added.
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By GlobalDataThe transaction is expected to complete in April 2013 and is subject to approval from the Australian Consumer and Competition Commission (ACCC).
APA has 50% interest in the South East Australia (SEA) gas pipeline between Adelaide and Port Campbell in Victoria.
The company has energy assets and gas pipelines worth $12bn, across mainland Australia.
QIC is one of the largest institutional investment managers in Australia, which has $69bn funds under management, reported perthnow.com.au.
Image: APA Group has divested the Moomba Adelaide pipeline system for $400.6m. Photo: Courtesy of Wilfra.
