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AusNet Services informed the market today that it has accepted a takeover bid from the pension fund, Canada’s Brookfield. The all-cash offer was for $2.65 per share, an increase of $0.15 per share. The offer is at a 34% premium over Friday’s close price.

The major shareholder, Singapore Power has agreed to the offer however we will see if the State Grid of China, which holds a 20% stake in the company, will sign off on the deal.

The bid for AusNet will need to be signed off by the Foreign Investment Review Board and finally, the Treasurer.

It looks like competitor APA Group has been unsuccessful with the announcement of this offer.  APA Group has been in AusNet’s data room working to firm up its offer, which was proposed at $2.60.

AusNet has told the market that Singapore Power will back the deal so long as a better offer doesn’t appear.

APA Group was seeking to acquire AusNet to create Australia’s largest energy transmission and distribution infrastructure utility with a combined $35 billion enterprise value. It has said the deal would create a “flagship Australian company” with the scale and capability to accelerate the country’s energy transition.

So, what is the value to the energy user of Australia with this deal, time will tell but the higher price offered by the pension fund implies there is value in the energy market for infrastructure owners?