The Australian Competition and Consumer Commission (ACCC) approved the application submitted by the consortium comprising Brookfield, GIC, Temasek, and MidOcean Energy, for the proposed acquisition of Origin Energy
Australia approves Origin Energy’s acquisition. (Credit: Andreas Felske on Unsplash)
Australian energy company Origin Energy announced that the country’s competition watchdog has approved its proposed acquisition by a consortium of private investment companies.
The consortium comprises Brookfield Asset Management, along with its partners and investors GIC and Temasek, and MidOcean Energy, an LNG company managed by EIG Partners.
In March this year, Origin signed a scheme implementation deed (SID) to be acquired by a consortium comprising Brookfield and its partners for A$18.7bn ($12.5bn).
In June, the consortium filed an application with the Australian Competition and Consumer Commission (ACCC) for the proposed acquisition of Origin Energy.
ACC granted the authorisation based on undertakings provided separately by Brookfield, AusNet and MidOcean, which have been published by the ACCC.
Origin Energy, in its statement, said: “The ACCC’s decision marks an important milestone in the proposed acquisition of Origin and the parties will continue to progress with the next steps in the Scheme process.”
“Origin is well advanced in the process of preparing the information shareholders need to make an informed decision and have their say on the proposed transaction, including the Scheme Booklet to be sent to shareholders.
“It is Origin’s intention to provide shareholders with a copy of the Scheme Booklet, including the Independent Expert’s Report and notice of Scheme Meeting, in the coming weeks.”
The closing of the transaction is subject to certain conditions, including additional regulatory approvals by the Foreign Investment Review Board, National Offshore Petroleum Titles Administrator and certain other foreign investment approvals.
Upon closing, Brookfield, through its Brookfield Global Transition Fund, and others in the consortium will own Origin’s Energy Markets business.
MidOcean will separately own Origin’s Integrated Gas business, including its stake in Australia Pacific LNG, a natural gas producer in Eastern Australia.
Brookfield earlier said that it is working with India-based Reliance Industries as a strategic partner for exploring areas of collaboration in renewable energy in the context of the deal.