Brookfield Business Partners and Macquarie Capital have signed a deal to sell Australian oil and gas company Quadrant Energy to Santos Limited for $2.8 billion (US$2.15 billion).
The agreement also includes a contingent payment in connection with the recent significant Dorado-1 oil discovery and a royalty over all other future hydrocarbons produced in Quadrant’s Bedout Basin tenements.
The sale is subject to certain consents and approvals including from the Australian Competition and Consumer Commission.
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Quadrant is focused on the Exmouth and Carnarvon Basins off the coast of Western Australia.
Brookfield Business Partners and its institutional partners hold a 48.3 per cent stake in Quadrant, while Macquarie Capital and its partners hold a 21.8 per cent.
Wesfarmers and AMB Holdings each hold a 13.2 per cent stake and Quadrant management holds 3.4 per cent.