Apache To Sell Its Australian Subsidiary For $2.1 Bln

(RTTNews) - Apache Corp. (APA) said Wednesday that it has agreed to sell its Australian subsidiary Apache Energy Ltd. to a consortium of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. (BAM, BAM_A.TO) for $2.1 billion in cash.

The deal is expected to close mid-year 2015. The effective date of the sale is October 1, 2014.

Assets of Apache Energy Ltd. and its subsidiaries averaged production of about 49,000 barrels of oil equivalent per day in March. With the announcement of this sale, Apache is fully exiting its exploration and production business in Australia, but will retain its 49% ownership interest in fertilizer producer Yara Pilbara Holdings Pty Ltd.

On April 2, Apache announced the completion of sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum Ltd. for $2.8 billion.