Oct
07
QIC Acquires CLP Gas Plant in Australia for A$1.78 Billion
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Deal expected to be competed in December quarter, QIC says
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CLP selling assets amid `challenging’ conditions in Australia
QIC Ltd. agreed to buy the Iona gas storage plant in Australia for A$1.78 billion ($1.28 billion) in cash from Hong Kong’s CLP Holdings Ltd. as the infrastructure investor looks at expansion opportunities.
QIC, the fund manager owned by the government of Australia’s Queensland state, is purchasing an asset that plays an essential role in energy supply on the country’s east coast, the Brisbane-based company said in a statement on Thursday.
“It has long-term contracts with its customers, which underpin stable and predictable cash flows, while also presenting a platform for further growth and expansion opportunities,” according to QIC’s statement…
QIC Acquires CLP Gas Plant in Australia for A$1.78 Billion
