Brookfield, AusNet and MidOcean Undertaking

On 10 October 2023, the ACCC decided, pursuant to section 88(1) of the Competition and Consumer Act 2010 (the Act), to authorise the proposed acquisition of Origin Energy Limited by EOS Aggregator (Bermuda) LP and MidOcean Reef Bidco Pty Ltd (the Proposed Acquisition). The ACCC granted authorisation on the conditions, pursuant to section 88(4) of the Act, that:

• EOS Aggregator (Bermuda) LP, Brookfield Asset Management ULC and Brookfield Investment Management Australia Pty Ltd, and Brookfield Corporation must give, and comply with, a section 87B undertaking,
• AusNet Pty Ltd and Australian Energy Holdings No 1 Pty Ltd must give, and comply with, a section 87B undertaking, and
• MidOcean Energy Holdings Pty Ltd and MidOcean Energy Parent Pty Ltd  must give, and comply with, a section 87B undertaking.

(together, the Undertakings)

The ACCC is satisfied in all the circumstances that, on the conditions that the Undertakings are given and complied with, that the Proposed Acquisition would result, or be likely to result, in a benefit to the public, and the benefit would outweigh the detriment to the public that would result, or be likely to result, from the Proposed Acquisition.

Objective of the Undertakings

The objective of the Undertakings is to address the concerns about the Proposed Acquisition raised by the ACCC in its Reasons for Determination in respect of application for merger authorisation MA1000024.

Details regarding the anti-competitive or other detriments and the public benefits are set out in the ACCC’s Reasons for Determination (available on the Merger Authorisation Public Register).