APA Group, Australia's largest natural gas infrastructure business, today has announced the sale of the Moomba Adelaide Pipeline System (MAPS) to QIC Global Infrastructure (QIC) for $400.6 million.

MAPS was acquired by APA as part of its acquisition of a controlling interest in Hastings Diversified Utility Fund (HDF) in October 2012. As part of the acquisition, APA made an undertaking to the Australian Consumer and Competition Commission (ACCC) to divest the MAPS asset.

After taking into account stamp duty payable by the buyer, the transaction represents an enterprise value of $423 million for MAPS.

Financial close is expected at the end of April 2013 subject to ACCC approval of QIC as an approved purchaser of MAPS, as agreed in the undertaking. QIC manages diversified global portfolios of infrastructure investments on behalf of superannuation funds and other institutional clients.

MAPS is a 1,184 kilometre pipeline system servicing the South Australian market, with the main line from Moomba to Adelaide and two major laterals to the regional centres of Port Pirie/Whyalla and Angaston. The MAPS assets have been divested as a complete operational business which includes a strong and experienced management team and employees who are responsible for commercial and operations management of the asset.

According to sources, Hong Kong's Cheung Kong Infrastructure Holdings and a consortium comprising Japan's Marubeni and Deutsche Bank's RREEF Infrastructure unit also tried to acquire the asset.

About APA Group (APA)APA is Australia's largest natural gas infrastructure business, owning and/or operating $12 billion of energy assets. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation's gas usage.

About QIC Global Infrastructure (QICGI)

QIC is Australia's third largest institutional investment manager with $69.3 billion in funds under management as at 31 December 2012. QIC Global Infrastructure was established in 2006 within QIC to meet the infrastructure needs of wholesale investors including superannuation, pension and sovereign wealth funds.

Source: APA Group & Sources