August 12, 2018 / 10:37 PM / 4 days ago

Australia's APA recommends Hong Kong firm CKI's buyout deal

Aug 13 (Reuters) - Australia’s biggest gas pipeline company APA Group on Monday recommended a A$12.98 billion ($9.45 billion) buyout offer from a consortium led by Hong Kong’s CK Infrastructure, in the absence of a better offer.

If the deal goes through, APA shareholders will receive A$11.00 cash per share and make CK Infrastructure the major player in Australia’s east coast gas pipeline network.

CK Infrastructure, leading a consortium with CK Asset Holdings and Power Assets Holdings, said it is seeking regulatory approval. ($1 = 1.3729 Australian dollars) (Reporting by Devika Syamnath in Bengaluru Editing by Susan Thomas)

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