The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
BLOOMBERG
A Brookfield Asset Management Inc-led consortium agreed terms on a A$18.7 billion ($10.2 billion) deal, including debt, to acquire Australian utility Origin Energy Ltd after months of delays.
The consortium, which includes EIG Global Energy Partners, increased the value of its proposal following further talks in recent weeks and the pact will value Origin’s shares at A$8.912 each, the target said in a filing.
The announcement confirms an earlier Bloomberg News report that the parties planned to complete the deal within days.
Adding Origin allows Brookfield to add further exposure to the shift away from fossil fuels in Australia, where utilities are accelerating plans to shutter coal plants and expand in renewables.
Sydney-based Origin’s board has unanimously recommended the proposal.