Macquaire-led group completes Endeavour Energy acquisition

A consortium led by Macquarie Group has completed the acquisition of a controlling stake in one of Australia’s biggest public energy companies.

The sale of a 50.4% stake in Endeavour Energy to the Advance Energy consortium will deliver AUD7.6 billion (US$5.6 billion) to the New South Wales (NSW) government. 

The Advance Energy consortium is formed by Macquarie, AMP Capital, Qatar Investment Authority and British Columbia Investment Management Corporation. The NSW government will control the remaining 49.6 per cent stake in Endeavour Energy. 

Hastings Funds management and Spark Infrastructure, two Australian companies, also submitted a bid for the sale.

Endeavour Energy is a state government owned electricity infrastructure company which owns, maintains and operates the electrical distribution network to supply 2.4 million people in households and businesses across Sydney's Greater West, Blue Mountains, Southern Highlands the Illawarra and the South Coast.

This is the third transaction realized by the NSW government under an “asset recycling” policy. The NSW government has raised more than AUD20 billion over three years through this policy