While EIG makes up its mind about the condition of energy markets, its bidding partner Brookfield is quietly cobbling together an equity syndicate for its slice of Origin Energy.
Brookfield Asset Management is in talks with offshore and Australian institutional investors about joining its bid for Origin Energy.
Sources said Brookfield had been approached by global and local superannuation funds and other interested parties keen to have a look at the deal after Origin’s board disclosed the indicative bid in November. And the Canadian infrastructure giant had reached out to others itself, as its due diligence progressed, keen to address the funding requirement.
At Victorian electricity and gas distributor AusNet for example, where it paid $18 billion in February 2022, Brookfield carried Australian Retirement Trust and Canadian heavyweights Alberta Investment Management Corp, the Investment Management Corp of Ontario and Healthcare of Ontario Pension Plan into the deal, with each acquiring up to a 15 per cent stake.Origin Energy’s an altogether different proposition. It is not - and never has been - a typical infrastructure asset like AusNet.
If history is anything to go by, EIG is not just tyrekicking but serious about its bid too - it tried to buy 10 per cent of APLNG in late 2021 before getting pre-empted by Chevron.
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