Sept 28 (Reuters) - Australia's top energy retailer Origin Energy Ltd (ORG) said on Thursday it had agreed to sell its upstream oil and gas business, Lattice Energy, to rival Beach Energy Ltd (BPT) for A$1.59 billion ($1.25 billion).
Proceeds from the sale would be used to reduce adjusted net debt to below A$7 billion by June 30, 2018, the company said in a statement.
The energy giant said it had gained access to a significant portion of Lattice Energy’s future east coast gas production under long-term supply agreements to help its domestic business.
($1 = 1.2737 Australian dollars)
News: Australia's Origin Energy to sell Lattice Energy to Beach for $1.25 bln
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