APA Group Sells Moomba-Adelaide Gas Pipeline

APA Group, Australia’s largest natural gas infrastructure business, last week announced the sale of the Moomba Adelaide Pipeline System (MAPS) to QIC Global Infrastructure (QIC) for $400.6 million.

MAPS was acquired by APA as part of its acquisition of a controlling interest in Hastings Diversified Utility Fund (HDF) in October 2012.

As part of the acquisition, APA made an undertaking to the Australian Consumer and Competition Commission (ACCC) to divest the MAPS asset.

After taking into account stamp duty payable by the buyer, the transaction represents an enterprise value of $423 million for MAPS, APA said.

MAPS is a 1,184 kilometre pipeline system servicing the South Australian market, with the main line from Moomba to Adelaide and two major laterals to the regional centres of Port Pirie/Whyalla and Angaston.