AusNet Services Ltd (AusNet) has received two unsolicited, indicative, non-binding and conditional proposals to acquire, by way of scheme of the arrangement, all of the issued shares in AusNet. The offers are submitted by the following companies:

• The infrastructure affiliate of Brookfield Asset Management (Brookfield) with an indicative price of AUD2.50 cash per share (the
  Indicative Proposal), which is around AUD9.6 billion (US$6.95 billion) for 100% of AusNet. The proposal is subject to due diligence, FIRB approval and other conditions. 
• APA Group (APA) with a combination of cash and 0.0878 APA stapled securities per share (the APA Revised Indicative Proposal), which is approximately AUD10 billion (US$7.24 billion). This proposal follows an earlier proposal from September 1, 2021. 

AusNet owns and operates the bulk of Victoria’s transmission network infrastructure, as well as a large proportion of the state’s electricity and gas distribution network. The company is majority-owned by a consortium of Singapore Power (31.1%) and the State Grid Corporation of China (19.9%).