10/7/2022
Private equity firm EIG said Friday its MidOcean Energy portfolio company agreed to pay $2.15 billion to Tokyo Gas Co. Ltd. for interests in four Australian liquid natural gas (LNG) projects. The deal includes ownership stakes in Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG.
EIG said the deal marks the launch MidOcean’s strategy to construct a diversified, global pure-play, integrated LNG company.
EIG chairman and CEO R. Blair Thomas said the acquisition provides MidOcean with an LNG portfolio “ideally positioned to supply key customers in Japan, Asia and across the globe for decades to come.”
Mr. Venter said, “With today’s announcement, MidOcean is taking the first step toward realizing its vision to build a material pure play LNG business that we expect will support the world’s transition to a Net Zero future. We see a number of opportunities to further expand MidOcean’s position in supplying LNG markets around the world and look forward to working with our new partners and customers.”
The transaction is expected to close in first half of 2023, subject to customary closing conditions, including Australian regulatory approvals.
Barrenjoey, Barclays and JP Morgan acted as EIG’s financial advisors in connection with this transaction and White & Case acted as EIG’s legal advisor.
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