Australia’s antitrust regulator said Tuesday it approved the proposed A$15.35B (~US$9.76B) acquisition of Australian utility Origin Energy (OTCPK:OGFGF) by a consortium led by Brookfield Renewable Partners (NYSE:BEP).
The deal has been under consideration by the Australian Competition and Consumer Commission since the March bid for Australia’s second-largest power generator.
According to the planned offer, Origin (OTCPK:OGFGF) would be split into two businesses, with Brookfield (BEP) buying its energy markets arm and U.S. P-E firm EIG Global Energy Partners taking control of Origin’s integrated gas business.
The ACCC said the purchase likely would speed up Australia’s renewable energy transition and lead to a more rapid decrease in greenhouse gas emissions.
The deal requires shareholder approval by 75% of votes cast at a general meeting; Origin’s (OTCPK:OGFGF) largest investor, Australian Super, recently raised its stake to 14% and called the shares undervalued.