The ownership of two of Western Australia's major gas infrastructure assets looks set to change hands, with Canada's ATCO Group and ASX-listed investment company DUET Group closing on a deal.
The ownership of two of Western Australia's major gas infrastructure assets looks set to change hands, with Canada's ATCO Group and ASX-listed investment company DUET Group closing on a deal.
The ownership of two of Western Australia's major gas infrastructure assets looks set to change hands, with Canada's ATCO Group and ASX-listed investment company DUET Group closing on a deal.
ATCO is likely to emerge as the new owner of the state's reticulated gas network while DUET is likely to increase its shareholding in the Dampier Bunbury Pipeline from 60 per cent to 80 per cent.
The proposed transactions follow the collapse of energy group Alinta, which has led to a series of complex restructuring and refinancing transactions.
DUET announced today it has entered into conditional agreements with ATCO, whereby DUET would sell its interest in WA Gas Networks, move to full ownership of Victorian business Multinet Gas, and lift its stake in the DBP.
DUET said completion of the deal is subject to a number of conditions, including AET&D Holdings (part of Prime Infrastructure) agreeing to sell its interests in WAGN, Multinet and DBP to ATCO.
It added there is no guarantee the transactions between DUET, ATCO and AET&D will proceed.
Today;s announcement followed a May announcement by ATCO, confirming that AET&D Holdings and ATCO had entered into exclusive negotiations, in relation to a non-binding offer from ATCO and its partners to purchase certain assets.
ATCO Australia currently operates three power generating facilities and is focused on building, acquiring and operating new energy and infrastructure assets.
ATCO Australia is a subsidiary of Canadian Utilities, part of the ATCO Group of Companies.
WA Gas Networks is the owner and operator of the majority of the reticulated gas infrastructure in Western Australia.
Its ownership is split between Prime Infrastructure (which was acquired last year by the Brookfield Infrastructure group) with 74.1 per cent, with the remaining 25.9 per cent owned by DUET Group.
Multinet Gas runs a similar business in Victoria, where it is the largest distributor of natural gas.
DUET currently owns 79.9 per cent of Multinet Gas with remaining 20.1 per cent owned by Prime.