Australia's Wesfarmers Limited (Wesfarmers) announced Wednesday that it has entered into an agreement to acquire a 13.7 percent interest in Quadrant Energy Holdings Pty Ltd. (Quadrant Energy).
Brookfield Asset Management Inc and Macquarie Capital (a division of Macquarie Group Limited) announced April 9 an agreement to acquire Apache Corporation’s (Apache) domestic oil and gas assets in Western Australia for $2.1 billion, with each holding an initial 50 percent interest in Quadrant Energy. This transaction completed June 5.
Wesfarmers will invest $100 million to acquire a 27.4 percent interest in the special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7 percent interest in Quadrant Energy. As part of this investment, Wesfarmers will have a right to appoint a director to the Board of Quadrant Energy.
Wesfarmers Managing Director Richard Goyder said the investment in Quadrant Energy is complementary to Wesfarmers’ Chemicals, Energy and Fertilizers division’s existing businesses and is expected to generate a satisfactory return to shareholders.
Completion of the transaction is expected today.
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