Federal Court approves Alinta takeover proposal
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The $8 billion bid for energy utility Alinta by Singapore Power International and Babcock and Brown Ltd has won the approval of the Federal Court, Babcock & Brown has announced.
The full text of a B&B announcement is pasted below
International investment and advisory firm Babcock & Brown announced that the Federal Court had today approved the Babcock & Brown/Singapore Power International Consortium's (the Consortium) proposal to acquire 100% of Alinta Limited (Alinta) via a Scheme of Arrangement (the Scheme).
Phil Green Chief Executive of Babcock & Brown said "We are pleased to have secured the final approvals required in the Scheme process and look forward to completing the transaction on 31 August and commencing the task of integrating the assets Babcock & Brown Infrastructure (ASX: BBI) and Babcock & Brown Power (ASX: BBP) have acquired and delivering on the significant benefits we have identified through the process.
"We would like to thank our partners on this transaction, Singapore Power International Pte Ltd (SPI). We believe partnering with SPI has given us a unique capacity to deliver the maximum consideration to Alinta shareholders whilst still delivering value to our own stakeholders.
"We would also like to thank the Alinta Board and management team who have worked tirelessly to achieve the best outcome for Alinta shareholders."
Peter Hofbauer Global Head of Infrastructure said "The assets acquired by BBI and BBP are strategically important infrastructure assets which we believe will deliver long term value for security holders and significant expansion opportunities for both funds. Babcock & Brown Wind Partners (ASX: BBW) has announced that it will use the net proceeds attributable to its rights in relation to the Wattle Point wind farm to fund more attractive investment opportunities.
"We look forward to welcoming Alinta shareholders as investors in our family of infrastructure funds and will continue to focus on ensuring we deliver all security holders attractive and sustainable cash distributions as well as the benefits of long term capital growth."