Australia's Wesfarmers Ltd. has entered into an agreement to acquire a 13.7% interest in Quadrant Energy Holdings Pty Ltd.
This month, Brookfield Asset Management Inc. and Macquarie Capital (a division of Macquarie Group Ltd.) closed their acquisition of Apache Corp.’s domestic oil and gas assets in Western Australia for $2.1 billion, with each holding an initial 50% interest in Quadrant Energy.
Wesfarmers will invest $100 million to acquire a 27.4%t interest in the special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7% interest in Quadrant Energy. As part of this investment, Wesfarmers will have a right to appoint a director to Quadrant Energy’s board of directors. Completion of the transaction is expected June 25.