The APA Group (APA) has announced that it has signed agreements with Hydro Tasmania and the State of Tasmania regarding Basslink's continued operations in Australia. These agreements are part of a potential acquisition of Basslink Pty Ltd (Basslink).

APA will acquire Basslink for US$773 million and purchase proceeds are used to repay a debt to Basslink creditors, including US$648 million of APA secured debt. Previously, APA acquired 100% of the senior secured bank debt of Nexus Australia Management Pty Ltd, which is Basslink's borrower. Subsequent to the Basslink acquisition, APA will own and operate a 370 km high-voltage DC transmission line between Victoria and Tasmania.

The purchase is subject to the approval of the company's memorandum of association proposed by APA at the second meeting of Basslink's creditors.