APA Group has completed the acquisition from BG Group of the Queensland Curtis LNG (QCLNG) Pipeline. The final acquisition price is $4.6 billion, and the first full year EBITDA (earnings before interest, taxes, depreciation and amortization) contribution is expected to be around $355 million. The transaction was announced Dec. 10, 2014.
As part of the completion process, APA has renamed the pipeline to the Wallumbilla Gladstone Pipeline.
The acquisition extends the footprint of APA’s east coast gas grid to over 4,660 miles (7,500 kilometers) across eastern Australia and represents APA’s largest-ever pipeline acquisition. APA also gained two global customers in BG Group and China National Offshore Oil Corp. (CNOOC) as part of this transaction.