APA Group (ASX: APA) – Approval of $13 billion offer from CKI, regulatory approval awaited

Australia’s leading energy infrastructure business, APA group today declared its conditional Implementation Agreement with a consortium led by Hong Kong’s CK Infrastructure Holding Limited (CKI) under which CKI will acquire APA for all cash offer of A$12.98 billion.

If the deal goes through APA securityholders are expected to receive $11.00 cash per stapled security which represents premium of over 30 per cent to APA’s recent trading prices.

CKI consortium which includes CK Infrastructure Holdings Limited (CKI), CK Asset Holdings Limited (CKA), Power Assets Holdings Limited (PAH) and CKM Australia Bidco Pty Ltd, is expected to play the major role in Australia’s east coast gas pipeline after the completion of this acquisition deal.

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In the absence of the better offer, the board indicated their unanimous approval to the proposal received from CKI Consortium on 13 June 2018. While stating the transaction to be in the best interest of the securityholders, APA chairman, Michael Fraser recommended APA securityholders to vote in favor of the scheme. However, the transaction is subject to approval from the Australian Competition and Consumer Commission and the Foreign Investment Review Board, as well as approval by shareholders of CK Asset Holdings Limited and APA Securityholders.

Australia’s independent advisory firm, Grant Samuel is appointed to report opinion on the true and reasonable nature of the scheme so as to protect the interest of APA securityholders.

Depending on the progress of regulatory approvals, a meeting of APA Securityholders is expected to be held in late November 2018 to consider the Schemes, with implementation and payment to APA Securityholders targeted to occur in mid-December 2018.

APA also confirmed that deal would not affect APA’s final distribution for the 2018 financial year, which is expected to be 24.0 cents per stapled security.

Following to the above update, APA traded at $9.87 on 13 August, 2018.

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