: Brookfield, EIG private equity consortium buying Origin Energy for $12.4 billion
A consortium comprised of Brookfield Renewable Partners BEPCA:BEPC, GIC, Temasek and MidOcean Energy, an LNG company formed and managed by EIG, on Monday said they agreed to acquire Australia’s Origin Energy Ltd. AU:ORGOGFGY for A$18.7 billion ($12.43 billion), including debt. The purchase price of A$8.91 per share is a premium over the stock’s closing price of A$7.92 a share. The firms first disclosed plans to buy Origin in November. The price announced on Monday amounts to a 53.4% premium over the company’s unaffected share price. Brookfield will own Origin Energy’s markets unit, while MidOcean will separately own Origin’s integrated gas unit and a 27.5% stake in Australia Pacific LNG. ConocoPhillips COP has agreed to buy an additional 2.49% interest in Australia Pacific LNG from MidOcean and take over upstream operations of the project. Shares of Brookfield are up 0.9% in premarket trades, while Origin Energy’s Australian-listed stock is up 3.2%.
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