Alinta

Alinta was an Australian energy infrastructure and utilities company whose origins lay in the restructuring of Western Australia's publicly owned energy sector. The company emerged in January 1995 when the State Energy Commission of Western Australia was divided into separate gas and electricity corporations. The gas business became AlintaGas, a name derived from a Yorta Yorta word for flame. It initially operated as a Western Australian gas distributor and retailer, but over the following decade expanded into electricity generation, gas transmission, energy infrastructure management and related contracting activities. AlintaGas was prepared for privatisation through legislation passed by the Parliament of Western Australia in July 2000 and listed on the Australian Securities Exchange in October that year. In May 2003, it changed its name to Alinta Limited. A series of transactions in July 2003 involving Alinta, Aquila Energy, United Energy and AMP Henderson Global broadened the company's role in regulated energy assets in Western Australia and Victoria. Alinta subsequently expanded through acquisitions, including Duke Energy's Australian and New Zealand assets in April 2004. In the same year, a consortium involving Alcoa, Alinta and DUET acquired the Dampier to Bunbury Natural Gas Pipeline. The company's strategy increasingly combined ownership and operation of infrastructure with exposure to generation and energy services. In October 2005, pipelines and power stations acquired from Duke Energy International were placed into a separately listed investment vehicle, Alinta Infrastructure Holdings. Alinta later sought to acquire the remaining shares in that vehicle. In 2006, it also obtained infrastructure assets and the Agility business through transactions involving AGL. These moves made Alinta one of Australia's significant energy infrastructure groups and created a more complex corporate structure than its original Western Australian gas-retailing base. Alinta became the subject of competing acquisition interest in 2007. A proposed management buyout was announced in January, after which chief executive Bob Browning resigned. On 31 August 2007, a consortium comprising Singapore Power International and Babcock & Brown entities acquired the company for a reported A$13.9 billion. Alinta was removed from the ASX in September 2007. The acquisition divided the former group into several successor businesses rather than preserving one unified Alinta corporate structure. The Western Australian gas-retailing business retained the Alinta name for a period and was later associated with Alinta Energy. Another successor, WestNet Energy, provided asset management, construction, maintenance and operational services for gas distribution, pipeline and electricity-cabling infrastructure. Alinta LGA was renamed Jemena in August 2008 and became associated with energy networks in Australia's eastern states. Ownership of Jemena later changed, including a 2014 transaction in which State Grid Corporation of China acquired a 60 percent stake. Alinta's corporate history therefore spans public-sector disaggregation, privatisation, ASX ownership, acquisitions, infrastructure investment, a major leveraged takeover and post-acquisition separation. The Alinta name continued in the retail and broader energy businesses after the original listed company ceased to exist, most notably through Alinta Energy, which was acquired by Hong Kong-based Chow Tai Fook Enterprises in 2017. The historical Alinta company covered gas retailing, electricity supply, power generation, gas pipelines, regulated networks and infrastructure services, while the precise assets and legal entities associated with the name changed substantially over time.

Alinta originated in the January 1995 disaggregation of the State Energy Commission of Western Australia. The former vertically integrated public energy supplier was divided into separate gas and electricity corporations, with the gas business becoming AlintaGas. The name Alinta was derived from a Yorta Yorta word for flame. Initially focused on gas distribution and retailing in Western Australia, the company became part of the state's energy-privatisation program. Legislation authorising its sale was passed in July 2000, and AlintaGas listed on the Australian Securities Exchange on 17 October 2000. On 8 May 2003, AlintaGas Limited changed its name to Alinta Limited. In July of that year, a series of transactions involving Alinta, Aquila Energy, United Energy and AMP Henderson Global made Alinta an operator, manager and part owner of regulated energy assets in Western Australia and Victoria. The company continued its expansion in 2004 by acquiring Duke Energy's Australian and New Zealand assets. It also joined Alcoa and DUET in acquiring the Dampier to Bunbury Natural Gas Pipeline from Epic Energy. Alinta pursued a more complex infrastructure strategy in 2005 and 2006. In October 2005, pipelines and power stations acquired from Duke Energy International were placed in the separately listed Alinta Infrastructure Holdings vehicle. Alinta later made an offer for the shares it did not already control. It also acquired infrastructure assets and the Agility business from AGL through merger and demerger arrangements completed in October 2006. The enlarged company entered a sale process in early 2007. A management buyout proposal was considered with Macquarie Bank as adviser, and chief executive Bob Browning resigned on 11 January. On 31 August 2007, Alinta was acquired by a consortium including Singapore Power International and Babcock & Brown entities. The reported bid value was A$13.9 billion, and Alinta was delisted from the ASX in September. The acquisition separated the former group into several businesses. The Western Australian gas-retailing operation retained the Alinta identity for a period and later traded as Alinta Energy. WestNet Energy provided asset-management, operational, construction and maintenance services for gas and electricity infrastructure. Alinta LGA, which managed eastern Australian networks and related assets, was renamed Jemena in August 2008. Subsequent changes in ownership included State Grid Corporation of China's acquisition of a 60 percent stake in Jemena in 2014. In March 2011, the business associated with the Alinta name became Alinta Energy following a deleveraging transaction by the TPG Group. Alinta Energy was acquired by Chow Tai Fook Enterprises in 2017. The original listed Alinta company is therefore best understood as a historical corporate group whose assets, operating businesses and brand identity continued through successor entities rather than as one uninterrupted legal corporation.

• 2017

  Alinta Energy acquired by Chow Tai Fook Enterprises

  [1]Alintaen.wikipedia.org

  The successor retail and energy business was acquired by Hong Kong-based Chow Tai Fook Enterprises.

• 2011

  Alinta Energy identity adopted

  [1]Alintaen.wikipedia.org

  The successor business became associated with the Alinta Energy name after a TPG-related deleveraging transaction.

• 2008

  Alinta LGA renamed Jemena

  [1]Alintaen.wikipedia.org

  The eastern Australian infrastructure business was renamed Jemena.

• 2007

  Alinta acquired and delisted

  [1]Alintaen.wikipedia.org

  A Singapore Power and Babcock & Brown consortium acquired Alinta, which was delisted from the ASX later that year.

• 2005

  Alinta Infrastructure Holdings floated

  [1]Alintaen.wikipedia.org

  Pipelines and power stations acquired from Duke Energy International were placed into a separately listed investment vehicle.

• 2004

  Duke Energy assets acquired

  [1]Alintaen.wikipedia.org

  Alinta acquired Duke Energy's assets in Australia and New Zealand and participated in the Dampier to Bunbury pipeline acquisition.

• 2003

  Name changed to Alinta Limited

  [1]Alintaen.wikipedia.org

  AlintaGas Limited adopted the Alinta Limited name.

• 2000

  AlintaGas listed on the ASX

  [1]Alintaen.wikipedia.org

  Western Australian legislation enabled the sale of AlintaGas, which listed on the Australian Securities Exchange on 17 October.

• 1995

  AlintaGas formed

  [1]Alintaen.wikipedia.org

  The State Energy Commission of Western Australia was disaggregated, creating separate gas and electricity corporations. The gas business became AlintaGas.

Australian energy infrastructure, utilities and energy-supply company

• Energy supply · 1995

  Gas distribution and retailing

  Alinta began as the gas business created from Western Australia's energy-sector restructuring. Its activities included gas distribution and customer-facing retail supply. The Western Australian gas-retailing successor retained the Alinta name after the 2007 corporate breakup and later operated under the Alinta Energy identity.

• Power generation · 2004

  Electricity generation

  Through acquisitions and infrastructure investments, Alinta developed exposure to electricity-generation assets, including power stations associated with Duke Energy International. These assets were later placed into the Alinta Infrastructure Holdings vehicle and subsequently separated through post-acquisition restructuring.

• Energy infrastructure · 2003

  Gas pipelines and energy networks

  Alinta owned, operated or held interests in gas pipelines and regulated energy networks. Its portfolio included involvement in the Dampier to Bunbury Natural Gas Pipeline and infrastructure in Western Australia and Victoria. The relevant assets were divided among successor companies after the 2007 acquisition.

• Infrastructure services · 2007

  Infrastructure operations and maintenance

  The post-acquisition WestNet Energy business provided asset management, operations, construction and maintenance services for gas distribution, gas pipeline and electricity-cabling infrastructure. These activities represented the service and contracting component of the former Alinta group.

• 2011

  Adopted the Alinta Energy identityStrategy

  Background

  Following the post-acquisition separation of Alinta's businesses and a deleveraging transaction by the TPG Group, the successor energy business required a continuing operating identity.

  Action taken

  The business became known as Alinta Energy.

  Aftermath

  The Alinta name continued in the energy-retailing and energy-supply market through a successor business rather than the original listed Alinta Limited.

  Source

• 2007

  Accepted a consortium acquisitionM&A

  Background

  Alinta entered a sale process after management buyout interest emerged and the company attracted competing acquisition proposals.

  Action taken

  A consortium including Singapore Power International and Babcock & Brown entities acquired Alinta on 31 August 2007 for a reported A$13.9 billion.

  Aftermath

  Alinta was delisted from the ASX and its operations were divided among successor businesses, including Alinta, WestNet Energy and Alinta LGA.

  Reported acquisition value. A$13.9 billion (31 August 2007)

  Source

1. 1Alintaen.wikipedia.org