A consortium led by Canadian alternative investment manager Brookfield Asset Management is leading an $11.8 billion offer for Origin Energy, Australia’s second largest power producer and energy retailer, according to a report by Private Equity Insights.
The report cites data from Refinitiv as revealing that if completed, the takeover would rank as one of the biggest private equity-backed buyouts of an Australian company. The deal requires Australian Competition and Consumer Commission (ACCC) and Foreign Investment Review Board (FIRB) approval to proceed.
Origin’s share price soared as much as 40% as news of the deal broke but has since given back some of those gains to close up 35%.
The Brookfield consortium includes MidOcean Energy, which is backed by private equity firm EIG.
