AGL Energy Limited (ASX:AGK) has taken a step closer to securing New South Wales power producer Macquarie Generation after Australia’s competition regulator said it will not block the deal.
The Australian Competition and Consumer Commission (ACCC) has today announced it will not appeal the energy giant’s proposed $1.5 billion purchase from the NSW government.
Australia’s corporate watchdog originally rejected the bid in March after which AGL turned to Australia’s Competition Tribunal who gave the green light for the acquisition last month.
The ACCC maintains the acquisition would substantially lessen competition in the New South Wales electricity market.
The Tribunal determined the benefits of the proposed acquisition to the public outweigh any detriment to competition.
AGL Energy reported a net profit of $261 million in the first half of the 2014 financial year.
