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Apache sold Australian subsidiary for $1.9 billion

Staff writer |
Apache Corporation has completed sale of its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Corporate Holdings and Brookfield Asset Management.

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Total proceeds of $1.9 billion are net of $225 million in customary, post-closing adjustments for the period between the effective date, October 1, 2014, and closing.

Apache announced in Aprils that will sell its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Capital Group and Brookfield Asset Management for $2.1 billion in cash.

Assets of Apache Energy Limited and its subsidiaries averaged production of approximately 49,000 barrels of oil equivalent per day in March.

With the announcement of this sale, Apache is fully exiting its exploration and production business in Australia, but will retain its 49-percent ownership interest in fertilizer producer Yara Pilbara Holdings Pty Limited.


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