Mariner Financial intends to relinquish its management rights and sell of its remaining interest of 6 per cent in the Mariner Pipeline Income Fund to energy transmission company APA Group for an aggregate consideration of $12 million.
The sole operating asset of the fund is the Moomba to Port Botany Ethane Pipeline, which Mariner executive chair Bill Ireland admits will be much easier for APA to manage and operate as it occupies the same easement as APA’s 100 per cent owned Moomba to Sydney Pipeline.
The sale will be used to reduce Mariner’s corporate debt and is anticipated to be finalised in May following a meeting with the fund’s unitholders.
