Competition watchdog the ACCC will not oppose oil and gas firm Santos Ltd's
(ASX:STO) $US2.15 billion acquisition of privately held Quadrant Energy.
The Australian Competition and Consumer Commission said in a statement that the acquisition would be unlikely to reduce competition in the supply of gas to Western Australia.
Completion is expected to occur within weeks.
Macquarie Group
(ASX:MQG) holds 21.8 per cent of Quadrant Energy, and subject to financial close, expects to receive the proceeds of the transaction during FY2019.
Macquarie has reassessed its outlook for the current financial year and now expects an increase of up to 15 per cent in its FY19 result compared with its FY18 result
Shares in Santos
(ASX:STO) are trading 2.01 per cent higher at $6.33.
