Origin Energy agrees to US$10.21-billion takeover deal from Brookfield-led consortium

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Once the deal is finalized, Origin will be broken up into two businesses – Energy Markets business to be acquired by Brookfield; while MidOcean Energy would take control of Origin’s integrated gas business

Australia’s Origin Energy Ltd on Monday agreed a A$15.35-billion takeover offer from a consortium led by Canada’s Brookfield, nearing the conclusion of one of the biggest private equity-backed buyouts in the country announced last year.

Brookfield has enlisted Singaporean funds GIC and Temasek to back their bid and become co-investors, according to a statement published on Monday. Under the scheme, Origin shareholders would receive an implied offer price of A$8.912 per share, representing an enterprise value of A$18.70-billion and a 9.1 per cent premium to Origin’s last close of A$8.17.

 

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