Australian fund manager Infrastructure Capital Group (ICG) has signed an agreement with the Canadian company Brookfield Infrastructure Partner for the sale of the gas network business Enwave Australia for a total consideration of AUD420 million (US$283.54 million). 

ICG beats other bidders in the auction that include CKI’s Australian Gas Networks – which was formerly listed and called Envestra – and New Zealand’s First Gas, which is owned by First Sentier (formerly Colonial First State).

The deal is expected to be completed by the end of 2019. 

ICG was advised by Lazard.