Deals
QIC Acquires CLP Gas Plant in Australia for A$1.78 Billion
- Deal expected to be competed in December quarter, QIC says
- CLP selling assets amid `challenging' conditions in Australia
This article is for subscribers only.
QIC Ltd. agreed to buy the Iona gas storage plant in Australia for A$1.78 billion ($1.28 billion) in cash from Hong Kong’s CLP Holdings Ltd. as the infrastructure investor looks at expansion opportunities.
QIC, the fund manager owned by the government of Australia’s Queensland state, is purchasing an asset that plays an essential role in energy supply on the country’s east coast, the Brisbane-based company said in a statement on Thursday.