ACCC approves Santos' $2.9b Quadrant acquisition

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.