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A consortium led by Brookfield and MidOcean Energy has submitted a revised proposal for the acquisition of Origin Energy, with the conditional and non-binding offer at a price of $8.90 cash per share.

The proposal includes:

  • $8.90 per share for the first 100,000 shares held by each Origin shareholder 
  • For shares over that threshold, $4.33 per share plus USD$3.19 per share 

The Consortium notes that the inclusion of the USD$ consideration reflects the underlying exposure of Origin’s Integrated Gas assets, and specifically cash distributions from its 27.5 per cent interest in Australia Pacific LNG. 

All parties are expeditiously working towards the signing of a Scheme Implementation Deed.

Brookfield Asia Pacific CEO, Stewart Upson, said, “Brookfield is committed to investing in the energy transition in Australia and we see Origin playing a leading role in helping Australia meet its legislated climate and energy goals. 

“We intend to invest a further $20 billion by 2030 to build new renewable capacity and storage for Australia, reducing costs over time while maintaining the reliability of the grid during this crucial phase of investment. We are pleased to have reached this milestone and look forward to progressing to a signed Scheme Implementation Deed.”

MidOcean Energy is an LNG company formed and managed by EIG.

EIG Chairman and CEO, R. Blair Thomas, said, “Energy transition informs every decision we make, and this transaction perfectly highlights societies twin goals of decarbonisation and energy security. 

“We view LNG as the key transition fuel that will foster the security of supply and price stability necessary while the global energy complex is changed to low and zero carbon alternatives. APLNG has an important role to play in the transition and will serve as the foundation for our larger LNG ambitions that we are pursuing via MidOcean Energy.” 

Brookfield’s investment will be led by the Brookfield Global Transition Fund, the world’s largest fund dedicated to the energy transition, alongside institutional partners. MidOcean is investing to create a high-quality, diversified, global ‘pure play’ integrated LNG company that leverages EIG’s extensive investing experience in the global LNG sector.

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