The complex deal with United Energy and AMP Henderson promotes Alinta to the position of operator, manager and part owner of regulated energy assets worth around $4 billion.
A sale price of around $400 million has yielded a range of assets to Alinta including a 34% equity interest in United Energy Limited's Victorian electricity network, a 19.9% equity interest in Multinet Gas, the largest gas distributor in Victoria, and the non-distribution assets of United Energy.
Funding for the transactions has been provided by an increase in debt levels within AlintaGas Networks; the placement on 1 May 2003 of eight million new ordinary shares which raised $36 million before costs; proceeds from the sell-down of a 25.9% shareholding in AlintaGas Networks ($44 million) and the proceeds from the $130 million reset preference share issue.
Alinta's share price was untouched by the news at the time of printing, remaining steady at $5.79.
