Infratil Ltd has announced the conditional sale of Perth Energy to AGL Energy Ltd, which has now been completed.
Infratil received cash proceeds of AUS$53.3 million for its 80% shareholding, with final proceeds to be adjusted for normal working capital and net debt adjustments. As previously announced, Infratil may receive further sale proceeds of up to AUS$14.9 million in cash within 3 years, contingent on financial outcomes under a material contract and the tax treatment of certain penalty refunds which Perth Energy may become entitled to claim. Completion of the sale has also released Infratil from its credit support of Perth Energy, which as at 31 March 2019 amounted to AUS$64.7 million.