Australian Energy Co. APA To Pay $1.3B For Envestra

Law360, New York (December 17, 2013, 5:11 PM EST) -- APA Group said Tuesday that it will buy all the shares in Envestra Ltd. it does not currently own for about AU$1.4 billion (US$1.3 billion), in a deal that would combine two of Australia's biggest natural gas businesses.

APA would pay AU$1.17 per share for Envestra’s gas distribution networks, which currently serve almost 1.2 million customers. APA already delivers about half of Australia’s gas and holds a 33 percent stake in Envestra.

"We have always believed that combining APA and Envestra is in the best interest...
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