Canadian energy group ATCO says it has finalised its $1 billion, two-step acquisition of Western Australia’s major gas infrastructure assets.
ATCO announced Friday it had successfully acquired a 74.1 per cent interest in WA Gas Networks, the natural gas distributor serving the metropolitan area and the southern half of regional WA, from WestNet Infrastructure Group.
ATCO will acquire the remaining 25.9 interest in WAGN from DUET Group, making WAGN a wholly-owned subsidiary of ATCO.
The combined purchase price, including transaction costs, totalled around $1 billion, ATCO said, including $644 million in debt.
The WAGN network connects more than 620,000 customers across the south-western portion of the state, including the Perth metropolitan area, Geraldton, Bunbury, Busselton, Kalgoorlie, Albany, Harvey, Pinjarra, Brunswick Junction and Capel.
“WAGN is an outstanding addition to our portfolio,” ATCO Australia managing director Steven Landry said.
“We look forward to building upon the existing expertise within the business and to continue to grow the safe, reliable and efficient gas distribution network servicing the key regions in Western Australia.”
Also included in the acquisition is WestNet Infrastructure’s information technology division.
