Global investment firm Stonepeak has agreed to acquire Allgas, a gas distribution network based in Queensland, from APA Group, Marubeni Corp. and other shareholders.
Allgas’ extensive network includes 3,900 kilometres of distribution mains that supply approximately 120,000 households and businesses, nine gate stations, and 123,000 metering devices.
Stonepeak Senior Managing Director Darren Keogh said: “This transaction underscores Stonepeak’s long-held conviction in natural gas as an essential component of the energy mix supporting global energy transition efforts, especially in Australia where it continues to play an important role for businesses and individuals.
“Queensland, and South East Queensland in particular, is experiencing significant economic expansion underpinned by population and productivity growth that is supported by the Allgas network.
“We look forward to working with Allgas to help effectively capitalize on these meaningful tailwinds.”
APA Group will sell its 20 per cent stake in Allgas but will continue to provide corporate services to GDI, which owns Allgas, for up to three years.
APA’s share of the proceeds from the sale is estimated to be AU$64 million.
APA CEO Adam Watson said the divestment is part of the company’s focus on simplifying its business as it delivers its customer-focused growth strategy.
“This transaction will further simplify our business as we focus on reducing costs and progressing the significant growth opportunities ahead.
“This announcement follows the recent divestment of our networks business, which now sees APA no longer owning non-core gas distribution assets in Australia.”
The transaction is subject to regulatory approvals and is expected to close in the first half of 2026. Stonepeak did not disclose additional details of the deal.
