News: ORG UPDATE 1-Australia regulator approves Brookfield's $9.8 bln bid for Origin Energy

(Adds ACCC statement on transaction)

Australia's antitrust regulator has approved a Brookfield Corp-led BN.TO consortium's A$15.35 billion ($9.76 billion) bid for Origin Energy (ORG) , clearing the way for one of the year's largest corporate buyouts in the country to proceed.

The deal has been under consideration by the Australian Competition and Consumer Commission (ACCC) since the consortium lodged an A$8.91 per share bid in March for Australia's second-largest power generator.

Origin will be broken up into two businesses, with its energy markets arm to be acquired by Brookfield. U.S. private equity firm EIG's MidOcean Energy, the other consortium partner, will take control of Origin's integrated gas business.

The ACCC decision had been closely watched as Brookfield's ownership of AusNet Services, a Victoria-based transmission company that has electricity and gas distribution networks, was identified by analysts as a potential concern for the regulator.

Origin said the ACCC approval was an "important milestone" in the acquisition process.

In a statement, the ACCC said the proposed deal was likely to speed up the renewable energy transition in Australia. It also said it could lead to a more rapid decrease in greenhouse gas emissions in the country.

"In this case, we determined that the likely gains for Australia's renewable energy transition amount to a public benefit sufficient to outweigh the likely public detriments," ACCC Chair Gina Cass-Gottlieb said.

Brookfield plans to house the energy markets business in its global transition fund, which it said was the largest private fund in the world focused on the transition to net zero emissions.