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Petronas sells stake in APA Group
Baker & McKenzie has acted in the sale of Malaysia’s state-owned oil and gas company’s stake in Australia’s largest natural gas infrastructure business, APA.
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Deal: Petronas' block trade of its 17.3 per cent stake in APA Group
Area: Energy and Resources
Value: $540 million
Key players: The Bakers team was led by partners Craig Andrade (pictured) and Andrew Reilly who acted as Australian and US counsel for the investment bank and sole underwriter of the sale.
Deal significance: APA is Australia's largest natural gas infrastructure business with pipelines in every state and territory. It delivers around half of Australia’s gas usage. Petronas is Malaysia's state-owned oil and gas company, which sold a 9 per cent stake in Britain's biggest supplier of gas and electricity, Centrica, for $899 million in February. In April it offloaded a 14.9 per cent stake in oil and gas business Cairn India for $US 2.1 billion. Petronas was APA's largest shareholder and had been on the register since the group listed in 2010.
