All time high todayHuge bullrun on the news.
They seemed to make no money off this deal, except for th future royalties, but I haven't seen a breakdown of what they may be worth.
Anyways, the market likes it.
I think they are adding liquidity to make a big purchase here, they will now have about $4 billion to draw on...
August 22, 2018
SYDNEY, PERTH, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Brookfield Business Partners L.P (NYSE: BBU) (TSX:BBU.UN) (Brookfield Business Partners) together with its institutional partners (collectively Brookfield) and Macquarie Capital, together with its institutional partners (collectively Macquarie), today announced an agreement to sell Quadrant Energy (Quadrant) to Santos Limited for US$2.15 billion.
In addition to the headline sale price consideration, the agreement includes a contingent payment in relation to the recent significant Dorado-1 oil discovery and a royalty over all other future hydrocarbons produced in Quadrant’s Bedout Basin tenements. This ensures that Brookfield and Macquarie maintain exposure to the upside in these exploration interests.
Following the Dorado-1 oil discovery and given the financial strength of the business, Brookfield and Macquarie (the Owners) determined it to be the appropriate time to transition Quadrant to a long term owner that is suitably equipped to take it through the next phase of development. With an increasing focus on exploration and development activities, including the assessment and development of the exciting Dorado opportunity, the Owners believe Santos is an ideal party to optimise the future prospects of the company.
The Owners acknowledge the outstanding efforts of the management team at Quadrant Energy in managing and improving the business since the 2015 acquisition.
Quadrant Energy is currently held by Brookfield Business Partners and its institutional partners (48.3%), Macquarie Capital (21.8%) and its institutional partners (jointly Australian Energy Consortium (AEC)), Wesfarmers (13.2%) and AMB Holdings (13.2%). Quadrant management holds the balance (3.4%).
Closing
The sale is subject to certain consents and approvals including from the Australian Competition and Consumer Commission and is expected to settle in the fourth quarter of calendar year 2018.