(Adds details, background)
Oct 17 (Reuters) - Australian natural gas operator APA Group (APA) said on Monday it had proposed to buy electricity interconnector Basslink Pty Ltd for A$773 million ($480.3 million) from administrators to expand its energy transmission footprint.
Basslink owns a 370 km (229.9 mile) high-voltage direct-current electricity interconnector between the states of Victoria and Tasmania. The company was put into administration last year by its then Singapore owner Keppel Infrastructure Trust KEPL.SI .
APA said the deal would allow it to continue to build on its energy infrastructure business and invest in renewable energy sources. APA currently owns or manages a A$21 billion portfolio of gas, electricity, solar and wind assets.
The proceeds from the potential deal would be used to repay Basslink creditors, including APA's senior secured debt of A$648 million, it added.
Earlier this year, the New South Wales-based company acquired a stake in the senior secured bank debt of Nexus Australia Management Pty Ltd, the borrowing entity of Basslink. ($1 = 1.6095 Australian dollars)
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Last
$8.96 |
Change
0.030(0.34%) |
Mkt cap ! $11.78B | |||
| Open | High | Low | Value | Volume |
| $8.95 | $9.02 | $8.90 | $17.40M | 1.942M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 6347 | $8.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $8.96 | 22258 | 2 |
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| APA (ASX) Chart |