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AUSTRALIA : ATCO Completes Acquisition of Western Australia Gas Networks
Publish Date : 04-Aug-2011
ATCO successfully concluded its acquisition of WA Gas Networks (WAGN) from WestNet Infrastructure Group. WAGN is the natural gas distribution utility company that serves metropolitan Perth and surrounding regions.
ATCO has acquired a 74.1 per cent interest in WAGN from WestNet Infrastructure Group through AET&D Holdings No 1 Ltd, and the remaining 25.9 per cent interest in WAGN from DUET Group, giving ATCO 100 per cent ownership. WAGN is now a 100 per cent owned subsidiary of Canadian Utilities, an ATCO company.
The aggregate purchase price of the acquisition, including transaction costs, was approximately A$1.0 billion, including the assumption of approximately A$644 million of debt. The balance of the aggregate purchase price was funded from existing cash reserves.
WAGN provides service throughout the Perth metropolitan area including Mandurah, as well as the surrounding regions of Geraldton, Bunbury, Busselton, Kalgoorlie, Albany, Harvey, Pinjarra, Brunswick Junction and Capel.
