Origin Energy has been acquired by a North American consortium for $18.7 billion.
👉 Background: Origin Energy is the biggest electricity and gas retailer across Australia with over 29% of the Australian market. In November last year, Origin received a takeover proposal from a North American consortium.
👉 What happened: Four months later, that consortium, including Brookfield and EIG, have snapped up Origin for $18.7 billion or $8.90 per share - which is a 53% premium to Origin’s closing price in November last year.
👉 What else: The Origin board is unanimously recommending that shareholders vote in favour of the deal. They reckon on top of the financial benefit, we will see benefits of cleaner, smarter and lower-cost energy for our nation.
💡 With new owners comes a renewed focus on things the things that matter.
💡We’ve seen what the push of new part-owner Mike Cannon Brookes has done for the focus of AGL:
And now, we’re seeing what a new focus from investor Brookfield looks like for Origin Energy too.
💡Brookfield have committed to accelerating Australia’s shift to renewables..by investing $20 billion in renewables while shutting down some of Origin’s largest coal-fired power plants.
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