<article><p class="lead">Australian electricity and gas infrastructure group AusNet Services today agreed to the A$10.2bn ($7.66bn) cash-based takeover offer from a consortium led by Canadian-headquartered asset management group Brookfield, which was raised from its previous A$9.62bn offer and has gained the backing of state-controlled Singapore Power that owns 32.74pc of AusNet.</p><p>The Brookfield offer was above the A$9.96bn bid from Australian gas infrastructure firm <a href="https://direct.argusmedia.com/newsandanalysis/article/2261729">APA Group</a>, which was offering to pay through a mix of cash and its shares. </p><p>It is unknown if AusNet's other major shareholder, the [Chinese government-controlled State Grid Corporation of China that owns 19.9pc] (https://direct.argusmedia.com/newsandanalysis/article/2257202), intends to accept the offer.</p><p>The transaction will require the consent of Australia's Foreign Investment Review Board. Brookfield has other assets in Australia, including a majority stake in the Dalrymple Bay Coal Terminal in Queensland. </p><p>The other firms in the Brookfield-led consortium are Australian-based asset manager Sunsuper, along with Canadian-based asset managers Alberta Investment Management Corporation, the Investment Management Corporation of Ontario and the Healthcare of Ontario Pension Plan.</p><p class="bylines">By Kevin Morrison</p></article>
