It issued shareholders a one for one share to trade (stapled as a single security) as unitholders of two newly created companies, GasNet Australia Investments and GasNet Australia Investments Trust.

GasNet directors said the deal will preserve GasNet's ability to make distributions with similar tax attributes as currently exist.

They also said the new company structure will provide GasNet with the additional flexibility it needs to grow and diversify its asset base.

They said the company was looking to reduce its regulatory, geographical and specific industry risk by acquiring other essential infrastructure assets.