Basslink, the Australian subsidiary of Keppel Infrastructure Trust (KIT), has selected Australian-listed APA Group as its preferred bidder for its acquisition.
APA Group is a leading energy infrastructure business in Australia. The receivers appointed to Basslink made the announcement on Sept 7.
According to the bourse filing released by the APA Group, the group is now in discussions with Basslink to “seek to agree [to] a binding transaction”.
There is no certainty those discussions will lead to a binding transaction being agreed or implemented.
If a binding transaction is agreed upon with the receivers, APA will then submit a proposal to Basslink’s administrators to effect the acquisition of the company and its assets through deeds of company arrangement.
Basslink, which owns and operates the 370km high voltage direct current (HVDC) electricity interconnector between Victoria and Tasmania in Australia, entered voluntary administration on Nov 12, 2021. Its operations are presently under the control of the receiver and manager appointed by the lenders.
See also: New World Development’s CEO Eric Ma to leave after two months in succession saga twist
As at 3.31pm, units in KIT are trading 0.5 cent higher or 0.89% up at 57 cents.
