Alcoa sells pipeline stake

Company News

Alcoa Inc (ASX:AAI) has agreed to sell its 20 percent stake in DBP to DUET Group for $205 million.
 
DBP is the owner and operator of the Dampier to Bunbury National Gas pipeline. DBP is currently owned 20 percent by Alcoa and 80 percent by DUET, giving the gas and power grid owner full ownership. 
 
To fund the acquisition, DUET has launched a fully underwritten $200 million capital raising via a placement and a non-underwritten stapled security purchase plan. 
 
DUET Chief Executive Officer, David Bartholomew said the acquisition of the remaining 20 percent interest in DBP simplifies the company’s group structure.