Oz Infratil Completes Sale of Perth Energy to AGL

Infratil September 2 said it has completed the sale of Western Australia-focused electricity and gas retailer Perth Energy to AGL Energy. The deal was first announced August 8.

Infratil received cash proceeds of A$53.3mn (US$36mn) for its 80% shareholding, with final proceeds to be adjusted for normal working capital and net debt adjustments, it said.

Infratil may receive further sale proceeds of up to A$14.9mn in cash within three years, contingent on financial outcomes under a material contract and the tax treatment of certain penalty refunds which Perth Energy may become entitled to claim.

Completion of the sale has also released Infratil from its credit support of Perth Energy, which as at March 31, 2019 amounted to A$64.7mn.