It’s been a long wait but Origin Energy’s suitors Brookfield Asset Management and EIG’s MidOcean Energy have signed on the dotted line, with Brookfield revealing GIC and Temasek as its co-investors.Under the proposal, Origin shareholders will get $8.912 a share, split as $5.78 and $US2.19 per share assuming an exchange rate of 0.70 AUD to USD. The provision for Origin shareholders to be paid for their first 100,000 shares all in Australian dollars has been dropped.
Brookfield has brought in Singapore’s sovereign wealth fund GIC and Temasek, but would own majority of Origin’s energy markets business. Mark Carney, Brookfield’s chairman, said it was clear that the energy transition required the “faster deployment of large-scale renewables, the accelerated, responsible retirement of coal generation, and an interim, supportive role for gas as the dependable back-up fuel”. “Brookfield is determined that the new Origin Energy Markets will lead the way in all respects at this critical moment for the Australian economy,” he said.
Brookfield and EIG first approached Origin Energy’s board at $7.95 a share in August, but were knocked back. They lobbed revised bids at $8.70 to $8.90 a share in mid-September, before securing due diligence with an offer at $9 a share. A few tense weeks followed for Origin shareholders, including an expiry of exclusive due diligence without a bid and government regulation on gas exports.
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