Australian natural gas operator APA Group said on Monday it had proposed to buy electricity interconnector Basslink Pty Ltd for A$773 million ($480.3 million) from administrators to expand its energy transmission footprint.
Basslink owns a 370 km (229.9 mile) high-voltage direct-current electricity interconnector between the states of Victoria and Tasmania. The company was put into administration last year by its then Singapore owner Keppel Infrastructure Trust KEPL.SI.
