APA Receives Attractive Takeover Proposal From CKI; We Lift Our FVE to AUD 9.50
Hong Kong-based Cheung Kong Infrastructure, and its affiliated companies, are back on the hunt in Australia, lobbing an all-cash AUD 11 per security indicative, nonbinding takeover offer at narrow-moat-rated APA Group. The offer price represents an enterprise value for APA of AUD 23 billion, and comes just a year after CKI wrapped up its AUD 7 billion acquisition of Duet Group. The offer appears attractive, representing a 33% premium to the last close and a 37% premium to our underlying DCF-base...APA Group's principal activities are the ownership and operation of energy infrastructure assets and businesses, including energy infrastructure, primarily gas transmission businesses located across Australia; asset management and operations services for the majority of Co.'s energy investments and for third parties; and energy investments in listed and unlisted entities. Co. comprises the following reportable segments: Energy Infrastructure, Asset Management, and Energy Investments.
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